According to reports, Ledger, a French crypto wallet maker is looking to raise new capital. Ledger, a hardware wallet manufacturer is said to be looking for at least $100 millions from strategic investors.
Crypto Hardware Wallet Maker Ledger Reportedly Wants to Raaise $100 Million In Funding
According to Bloomberg, the French crypto hardware wallet manufacturer Ledger is seeking more funds after the firm’s Series C last June. Ledger was able to raise $380m in financing led by 10T Holdings. It gave Ledger a valuation of approximately $1.5billion.
Founded in 2015 by Éric Larchevêque and Thomas France, Ledger has propelled itself as one of the top crypto hardware wallet manufacturers worldwide. Ledger is competing with popular wallet manufacturers like Trezor and Ellipal as well as Coolwallet, Safepal and Coinkite.
The report published on July 30 says that “people familiar with the plans” said that Ledger is “in talks to raise at least $100 million in a funding round that will give it a higher valuation.” Bloomberg’s Gillian Tan, Hannah Miller, Anna Irrera, and Olga Kharif contacted Ledger and the company declined to comment on the alleged funding round.
Research shows that the Crypto Hardware wallet market will grow to $1.72 Billon by 2030
Ledger offers the Nano S Plus as well the Nano X series of hardware wallets at prices between $79 and $149 after taxes. These wallets can hold, send, and receive hundreds of digital currencies. Ledger’s ostensible capital raise talks for $100 million follows the recent Straits Research report that indicates the hardware wallet market is projected to grow to $1.72 billion by 2030.
Straits Research market intelligence firm says the Asia-Pacific region holds the greatest market share in hardware wallets globally and that there is a lot of potential for growth. Ledger was able to receive a capital injection worth $380million in June 2021. But the company faced backlash after several customer data breaches. Existing Ledger customers were being allegedly hacked to steal their personal seeds.
Since then the company has continued to expand and last week Ledger Live, the company’s native software program added Cardano (ADA) token support with the ability to manage 100 Cardano-based tokens. In June, the France-based hardware wallet company Nano S Plus introduced colored Nano X and Nano X Series wallets. The new color names were chosen by the community and include “Mystic White, BTC Orange, Deepsea Blue, Ice, Cosmic Purple, and Blazing Orange.”
How do you feel about Ledger’s claim that it is seeking $100 million in funding from investors? Comment below and let us know how you feel about the subject.
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