Categories: ICO

Ledger raises another $70 million to become the leader in cryptocurrency hardware wallets

Click here to view original web page at techcrunch.com

Ledger just raised an impressive Series B round of $70 million, led by Draper Esprit. The startup already raised a $7 million round last year. But the cryptocurrency mania probably made it easy to raise more money.

If you have more than a bit of money in cryptocurrencies, chances are you’ve heard about Ledger wallets. The French startup has been designing some of the most secure hardware wallets out there. If you don’t want to get hacked, get a Ledger wallet.

FirstMark Capital, Cathay Innovation, Korelya Capital and existing investors CapHorn Invest, GDTRE and Digital Currency Group also invested in today’s round. Ledger says that the round was oversubscribed, and that it is the largest Series B round in a cryptocurrency startup when you exclude ICOs.

The company has sold a million hardware wallets in 2017. While this sounds impressive, it’s even more impressive when you compare it to 2016. Ledger only sold 30,000 wallets in 2016 — it represents a 33x year-over-year increase.

And this is key to understanding Ledger’s wallet. Few people predicted the cryptocurrency boom of 2017. That’s why Ledger has been struggling with keeping up with orders. When you buy a Ledger Nano S today, you’re going to get delivered in March 2018.

So the company is going to use today’s funding round to ramp up production and solve those back-order issues. It’s important to note that Ledger is already profitable. Ledger currently has 82 employees in Paris, San Francisco and Vierzon.

The company also plans to launch the Ledger Vault, a security solution for banks, hedge funds and family offices that want to invest in cryptocurrencies.

“For the wallets, we integrated our operating system in a secure chip, and for the Vault, we are integrating it in a hardware security module,” Ledger co-founder and CEO Eric Larchevêque told me. “The idea behind it is to provide additional features and services, such as multiaccounts, multisignature or timelocks.”

Ledger is the equivalent of a gold pick manufacturer. When there’s a gold rush, the one selling the gold picks end up with more money than people looking for gold.

Disclosure: I own small amounts of various cryptocurrencies.

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama
Tags: crypto invest

Recent Posts

  • Bitcoin Business

#MetaHash Co-Founder Gleb Nikitin Keeps Everyone ‘in the Light’ Through the #MetaGather Program

In the midst of many controversies surrounding crypto, there’s light at the end of the tunnel when stalwarts like #MetaHash… Read More

6 hours ago
  • Bitcoin Business

#MetaGather Program Starts Free Familiarization with Blockchain Campaign

Jamie Dimon, the CEO of J.P. Morgan Chase, recently stated, “To put it in perspective, we’ve been talking about blockchain… Read More

6 hours ago
  • Bitcoin Business

Coinbase CEO Wants Firm to Move Beyond Trading in Next 5 Years

Brian Armstrong, CEO of major American crypto exchange and wallet service Coinbase, believes that the firm will be less about… Read More

12 hours ago
  • Bitcoin Business

100 Satoshi Reach Penny Parity

One hundred Satoshi, a millionth of a bitcoin, is now back to being worth about a penny at 1.1 cent… Read More

18 hours ago
  • Bitcoin Business

GFSC Grants Bitso A Distributed Ledger Technology License

Bitso , a cryptocurrency exchange in Mexico, has nabbed a new distributed ledger technology license, allowing it to run its… Read More

18 hours ago
  • Bitcoin Business

Crypto Tidbits: “Unstoppable Force” Bitcoin Back at $10,000, Libra in Congress

Another week, another round of Crypto Tidbits. As is seemingly the norm, Bitcoin saw a tumultuous week, trading from everywhere… Read More

18 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More