Ledger has secured most of a €100 million ($109 million) funding round at a €1.3 billion ($1.4 billion) valuation, the company informed Bloomberg. Reports of a potential capital raise first surfaced last week in August.

The collapse of centralized crypto-exchange FTX and recent U.S. regulatory action against competitor Binance has left many digital asset owners leery of leaving their tokens in the care of others. Ledger’s hardware products let users store their assets in a secure, physical location.

“Suddenly individuals were like ‘wow, to keep crypto on an exchange is really dangerous,’” Ledger CEO Pascal Gauthier, told Bloomberg. “And 2023 is even better for us because now you can’t even store money at a Swiss bank.”

The Paris-based firm will close the second portion of the investment round in the middle of April. A third may be added depending on demand. Investors in the round include returning backers Cap Horn, Morgan Creek?, and Cathay Innovation, as well as newcomers True Global Ventures, Cite Gestion SPV, Digital Finance Group, and VaynerFund.

The $1.4 billion value would be in line with Ledger’s last fundraising, which brought in $380 million in June 2021.

CoinDesk reached out to Ledger for comment but had not heard back at the time of publication.