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Tuesday, June 22, 2021

Ledger raised $380 million to launch a crypto hardware wallet

Ledger – a French startup, has raised $380 million Series C capital led by 10T Holdings. After Thursday’s funding round, the firm has reached a worth of $1.5 billion.

Draper Associates, Cathay Innovation, Draper Esprit, Draper Dragon, DCG, Wicklow Capital and Korelya Capital are among the other investors that take part in the funding round. New investors include Uphold Ventures, Tekne Capital, Felix Capital, Financière Agache, Inherent as well as iAngels Technologies.

The key product of Ledger is a hardware wallet that manages your crypto goods. Their shape is similar to that of a USB key and they include a small screen that confirms transactions. The screen is significant because your private keys can never leave your Ledger device.

So, if you want to store big amounts of cryptocurrencies, you shouldn’t leave them on another account such as an exchange one because if someone signs in, they could withdraw all your crypto goods. However, a hardware wallet helps you control your crypto holdings.

Ledger Nano S was the company’s first launch. Currently, the Ledger Nano X helps you to send and receive holdings from your phone since the Nano X works over Bluetooth.

As a whole, more than 3 million hardware wallets has been sold out by Ledger. And each month, around 1.5 million users use Ledger Live which is the firm’s software solution to watch over your crypto holdings. According to the company, as of currently, they secure roughly about 15% of cryptocurrency assets internationally.

The current funding round will help the company to launch new products, include more DeFi features to Ledger Live and assist the increase of crypto ecosystem overall.

 

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