French startup Ledger has raised a $ 380 million Series C funding round led by 10T Holdings. Following today’s round table, the company reached a valuation of $ 1.5 billion.
Other investors in the funding cycle include existing investors Cathay Innovation, Draper Associates, Draper Dragon, Draper Esprit, DCG, Korelya Capital and Wicklow Capital. New investors are joining the round, such as Tekne Capital, Uphold Ventures, Felix Capital, Inherent, Financière Agache and iAngels Technologies.
Ledger’s main product is a hardware wallet to manage your crypto assets. They are shaped like USB keys and have a small screen to confirm transactions on the device. The reason this screen is important is that your private keys never leave your Ledger device.
In other words, if you want to store a large amount of cryptocurrency, you don’t want to leave it in an exchange account. If someone manages to log in, they could withdraw all of your crypto assets. With a hardware wallet, you maintain control over your crypto assets.
The company first launched the Ledger Nano S. You need to connect the device to a computer using a USB cable. More recently, with the Ledger Nano X, you can send and receive assets from your phone as the Nano X works via Bluetooth. Ledger also provides an enterprise solution for companies that want to add cryptocurrencies to their balance sheet.
Overall, Ledger has sold over 3 million hardware wallets. Every month, 1.5 million people use Ledger Live, the company’s software solution to manage your crypto assets. The company even says it currently secures around 15% of all cryptocurrency assets in the world.
The race was not easy as the company has been in existence for seven years. After the crypto boom in 2018, interest in hardware wallets waned. In addition, as the company secures expensive assets, it also suffered from a serious data breach – 272,000 customers were affected.
With today’s round table, the company plans to launch new products, add more DeFi functionality to Ledger Live, and support the growth of the crypto ecosystem in general.