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Ledger has raised most of a 100 million euros ($109 million) funding round at a valuation of 1.3 billion euros ($1.4 billion) valuation, the company told Bloomberg. Media outlets first reported on a potential new round last August.
The collapse of centralized crypto exchange FTX and the U.S. Commodity Futures Trading Commission lawsuit 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.
“As you know, 2022 was a trying year for the crypto industry, including the collapse of significant crypto exchanges and shifting macroeconomic conditions,” wrote Ledger CEO Pascal Gauthier in a post addressing the Series C extension round. “In this tough environment, Ledger has consistently shown strong resilience and growing adoption for the hardware and services parts of our business. Since Ledger’s inception, we’ve seen the market go up and down, people question whether crypto should exist at all, but our commitment to blockchain innovation has been unwavering,” he added.
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 Bloomberg. Investors in the round included returning backers 10T, CapHorn Invest, Morgan Creek Capital 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 round of fundraising, which brought in $380 million in June 2021.
UPDATE (March 30, 15:01 UTC): Updates to add comments from Ledger CEO.
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