Ledger has raised most of a €100 million ($109 million) funding round at a €1.3 billion ($1.4 billion) valuation, the company told Bloomberg. Media outlets first reported on a potential new capital raise last August.
The collapse of centralized crypto exchange FTX and recent U.S. regulatory actions against competitor Binance have made many digital asset owners wary of leaving their tokens in the hands of others. Ledger’s hardware products allow users to store their assets in a secure, physical location.
“Suddenly people were like ‘wow, to leave crypto on an exchange is actually dangerous,'” Ledger CEO Pascal Gauthier, told Bloomberg. “And 2023 is even better for us because now you can’t even leave money at a Swiss bank.”
Paris-based Ledger will have a second close for the funding round in the middle of April and a third could follow depending on demand, according to the story. Investors in the round included returning backers 10T, Cap Horn, Morgan Creek, and Cathay Innovation. New investors included True Global Ventures, Cite Gestion SPV, Digital Finance Group and VaynerFund.
The $1.4 billion valuation would be roughly steady with Ledger’s last fundraise, which brought in $380 million in June 2021.
CoinDesk reached out to Ledger for comment but hadn’t received a response by publication time.
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