Crypto Wallet Provider Ledger Raises $380 Million to Expand into Defi and NFTs

June 12, 2021, 3:15 PM AEST (updated June 15, 2021)

Following a 500% surge in revenue for Q1 2021, Ledger has announced a new fundraising round that has elevated the company’s valuation to in excess of US$1.5 billion.

Ledger, a company best known for its cryptocurrency hardware wallets, already secures an estimated 15% of all cryptocurrency assets globally. Since its founding in 2014, it has sold 3 million hardware wallets in 190 countries and has more than 1.5 million monthly users.

Ledger’s flagship hardware wallet, the Nano X

Ledger Looks To The Future

In the announcement, Ledger chairman and CEO Pascal Gauthier highlighted that he was looking to capitalise on the hypergrowth of digital assets as they become increasingly mainstream. The funding, he said, would be used to extend Ledger’s leading position in cryptocurrency security and services to become “the secure gateway” to the entire digital asset ecosystem. In addition, it would allow the company to innovate its hardware products and expand its services via Ledger Live:

We expect to see the ecosystem diversify beyond cryptocurrencies to include NFTs, real estate and other forms of value that can be shifted onto the blockchain.  As we look to the future, we see ourselves as the secure gateway to this growing ecosystem. Our goal is to empower users to buy, sell, swap, borrow, and lend digital assets through the Ledger Live platform, which – when combined with our hardware – offers best-in-class security and a seamless user experience.

Ledger chairman and CEO, Pascal Gauthier

Concerns Over Ledger’s Data Breaches

While it certainly appears as if there is cause to be optimistic about Ledger and its future, the company continues to deal with user security concerns and reputational damage after last year’s data leak in which 270,000 users’ details were exposed.

We also saw Ledger hit with a lawsuit following a data breach with Shopify after 9,500 customers’ personal data was leaked along with up to 100,000 email addresses.

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