Wallet Provider Ledger Raised $380M To Deploy New Products In DeFi

Wallet provider Ledger raised $380 million to deploy new products in the decentralized finance space as well as to its hardware and software wallet portfolio so let’s read more in our latest cryptocurrency news today.

Following a dramatic increase in revenue in the first quarter, the crypto security and infrastructure company completed a new fundraising round led by 10 Holdings. Known for the Ledger Nano S and Nano X hardware wallets, Wallet provider Ledger announced the completion of a $380 million series C Fundraising round which gave the company a value of $1.5 billion. The Series B round investors Cathay Innovation, Draper Associates, Draper Dragon, Wicklow Capital, DCG, Draper Espirit also attended the new fundraising. Uphold Ventures, Felix Capital, Tekne Capital, Financiere Agache, Inherent, and angels Technologies were the new investors.

Ledger CEO Pascal Gauthier said that the new Series C investment round will transform Ledger from a digital asset security company to the new security gateway to the entire digital asset ecosystem:

“This industry is fast becoming mainstream and reshaping the entire financial sector and beyond.”

Ledger will use the $380 million for launching new products and adding decentralized finance solutions for Ledger Live with the company’s wallet software. The company is looking to enhance its Ledger Enterprise Solutions as a cloud-based digital asset custody service. As digital assets are becoming more mainstream, Ledger aims for the assets on the products will grow in volume as the announcement read. The company wants to position itself as a new secure gateway to the ecosystem as it diversifies to include NFTs as well as other blockchain-based forms of value.

Thanks to the bull market, Ledger got a 500% surge in revenue in the first quarter of 2021, and the company even hired former eToro and Opera leads, saying it will expand its workforce. Ledger experienced a major data breach in December 2020 which caused a leak of more than 270,000 Ledger customers’ personal info and as per the report, the leak included up to 1 million emails of wallet owners and customers that were signed up to the company’s newsletter service.

As reported recently, Customers of the wallet maker Ledger are suing the company for the alleged cover-up of the data breach. The initial complaint that was filed with the US District Court for the Northern District of California, alleged that Shopify and Ledger partnered together and “negligently allowed, recklessly ignored and intentionally sought to cover up the breach.” Any damages awarded to the plaintiffs will be determined at trial if the lawsuit goes that far.