A $109 Million Round Of Funding Is Raised By Crypto Hardware Wallet Maker Ledger

At the time of the company's previous funding round in June 2021, it was valued at about $1.4 billion, which remained about the same as its current valuation.

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A new funding round worth 1.3 billion euros ($1.4 billion) has been raised by Ledger Technologies, a company that has raised most of its 100 million euros ($109 million) funding round, according to Trade Algo. Media outlets had first reported on a possible new round last August.

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A number of digital asset owners are apprehensive about leaving their tokens in the hands of others after the collapse of a centralized crypto exchange, FTX, and a lawsuit brought by the U.S. Commodity Futures Trading Commission against Binance, a competitor of FTX. Users can keep their assets secure, in a physical location, using Ledger's hardware products.

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Pascal Gauthier, Ledger's CEO, told Trade Algo, "Suddenly people started thinking, 'Wow, that's a very dangerous thing to leave cryptocurrency on an exchange.' And in 2023, it is even worse for us since now you can't even leave money at a Swiss bank.'"

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Depending on the demand, Paris-based Ledger will have a second close for its investment round by the middle of April. According to the story, a third close could follow. True Global Ventures, Cite Gestion SPV, Digital Finance Group and VaynerFund were among the investors in the round. 10T, CapHorn Invest, Morgan Creek Capital, and Cathay Innovation were returning investors, while True Global Ventures, Cite Gestion SPV, Digital Finance Group, and VaynerFund were new investors.

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Assuming Ledger's valuation reaches $1.4 billion, that would be pretty much on par with the $380 million raised in June 2021 as part of its last round of fundraising.

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An inquiry to Ledger for comment did not immediately receive a response.