Ledger, a digital asset management firm that started its journey as a hardware wallet, has acquired an investment of $380 million from a series of investors in its Series C funding round.
The investors included Cathay Innovation, Draper Espirit, Draper Associates, and others and this round of investment has helped to push its valuation to $1.5 billion. The company is mainly known for its hardware wallets and was in fact one of the very first companies to develop such crypto hardware wallets and hence has a very big brand name in the industry.
“This Series C announcement marks the transition of Ledger from the leading digital asset security company to becoming the secure gateway to the entire digital asset ecosystem. This industry is fast becoming mainstream and reshaping the entire financial sector and beyond,” says Pascal Gauthier, CEO, Ledger.
The company says that it will be using this ionvesto=ment to upgrade its existing hardware products and build new ones as well. It also plans to add Defi solutions and also build its own operating systems that are expected to work across all its products. If and when this happens, this could lead to a significant leap in its usage.
The company had also managed to tie up with Samsung as the Ledger wallet was connected to the smartphone’s cryptocurrency wallet which is shipped with all the phones. This ensures that the usage of the wallet would increase manifold as the phone users would prefer an inbuilt wallet than get a new one.
The company claims that 15% of all the crypto assets are held in its wallets globally and it also says that there are over 3 million of its hardware wallets being used around the world. With crypto adoption gaining pace and with more new cryptos being added to the domain almost every month, it is becoming important for users to find a reliable place for them to store their valuable cryptos. The prices of bitcoin and other cryptos have been rising quickly over the years and this means that the value of cryptos being held by users has increased manifold.
This would necessitate the usage of hardware wallets and other associated products to store them safely and transact as well and Ledger, being a market leader in this segment at this time, would hope to seize a large part of this market as it grows in the coming months.