Ledger is the best-known hardware wallet company, and it is continuing its strategy of growth and expansion.
Yesterday it announced a new Series C financing round, through which the company wants to raise 100 million euros, or about $108 million.
Ledger is proud to announce our Series C extension fundraising round.
We continue our mission of bringing ease-of-use and uncompromised security to your digital value.
Read what our CEO @_pgauthier has to say:https://t.co/JSHyi5jKIQ pic.twitter.com/aGi2FhOXCs
— Ledger (@Ledger) March 30, 2023
Indeed, Ledger is a French company, so it raises euros as a source of corporate funding.
Summary
The statements of the CEO of Ledger Wallet
The announcement was accompanied with a post by the company’s president and CEO, Pascal Gauthier, who revealed the company’s ambitions.
Gauthier expressed thanks for the support of Ledger‘s long-term investors, and said the new funds will be used to accelerate the company’s mission of bringing a new generation of secure devices to hundreds of millions of people.
The idea therefore is precisely to further develop Ledger’s range of products, and in particular those related to the secure storage of cryptocurrencies.
After all, Ledger is a global leader in this field, but in recent years several competitors have emerged or become more competitive, primarily Trezor.
In fact, after the failure of FTX, many cryptocurrency holders reflected on the real convenience of leaving the custody of their funds to a third party, leading to a growing demand for non-custodial wallets.
Since hardware wallets are generally considered the most secure, a highway may have opened up for Ledger and other producers.
In such a context, it is more than logical that Ledger decided to expand further, and to do so it had to resort to new financing.
Moreover, according to Gauthier in the next five to ten years,
“the rise of the Internet of Value will reshape how billions of people own and manage their assets.”
As such, the idea seems to be that what happened in 2022 is only the beginning of a still long journey, and one with even greater potential.
With this in mind, Ledger, according to the words of its CEO, wants to expand its range of products and services offered, so as to broaden its audience and market.
This is for all intents and purposes a strategy to expand the current business, in a historical context that seems to be really moving toward greater mass adoption of these technologies.
The Ledger company
The new €100 million funding round is an extension round, so the valuation of the company does not change, still remaining around $1.41 billion.
These are important numbers given the still unflourishing moment the crypto sector is going through. While the bear market of 2022 is now behind us, the crypto winter does not seem to be over yet. However, there are beginning to be signs that could be encouraging, and it is possible that Ledger believes that a new round of expansion is likely to begin soon.
It is worth noting that participants in the new funding round include names such as Morgan Creek, Cité Gestion Private Bank, Digital Finance Group, as well as True Global Ventures, VaynerFund, 10T, Cap Horn, Cathay Innovation, Korelya Capital, and Molten Ventures. Of these, many had previously invested in the company.
So far Ledger has sold a total of 6 million devices, in less than ten years, but as many as one million of these have been sold in the last nine months alone.
So this is for all intents and purposes still an upward parabola, one that may continue to grow in the coming years due to increasing market demand.
Not only are more and more people entering the crypto world, but increasingly more cryptocurrency holders are realizing how important self-custody is.
Not surprisingly, Ledger is not the only one taking advantage of this moment, and perhaps even this period in history, because demand seems to be growing more than the actual market supply, opening up ample room for an expansion of this same market.
