Ledger, a Paris-based startup that produces hardware “wallets” for digital assets, has secured the majority of its €100 million ($109 million) funding round in its first close. The successful round values the company at €1.3 billion, a price tag similar to its previous raise in June 2021. A second closing is expected in mid-April, with a third likely to follow due to high investor interest.
The crypto industry has experienced significant turmoil, including the demise of exchanges like FTX and several large-scale hacks in the last year. This has made investors nervous about storing their funds and assets on online platforms, leading to an outflow from centralized venues.
However, this trend has been advantageous for companies like Ledger, which produces devices that allow users to store their private keys, giving access to their blockchain assets, on secure hardware rather than digital wallets.
Ledger’s success in raising funds highlights the increasing demand for secure storage options for digital assets. With the surge in cryptocurrency adoption, it is crucial to have a secure and reliable storage solution for investors to safeguard their assets. The strong investor interest in the funding round indicates the growing confidence in Ledger’s ability to meet this demand.
In summary, Ledger’s successful funding round underscores the importance of secure storage solutions for digital assets. The company’s hardware wallets offer a reliable alternative to online platforms, which have become increasingly vulnerable to hacks and other security breaches. As the demand for secure storage options continues to grow, companies like Ledger are poised to benefit.
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