Cryptocurrency hardware wallet maker Ledger has raised €100 million ($109 million) in a funding round, as investors look to capitalize on the growing demand for secure storage solutions. Ledger CEO Pascal Gauthier says there has been an uptick in demand for hardware wallets. He added, “2023 is even better for us because now you can’t even leave money at a Swiss bank.”
Ledger to Expand Distribution, Production, and Research and Development With New Capital Injection
According to a Thursday report by Bloomberg, Ledger, the cryptocurrency hardware wallet maker, has revealed it raised €100 million ($109 million) from investors. The injection of funds comes at a time when many crypto firms have been going bankrupt and cutting down on their staff. Ledger CEO Pascal Gauthier told Bloomberg’s Anna Irrera that the company will use the funding to expand distribution, production, and research and development.
Gauthier noted that in 2022, people became more aware that leaving money on centralized crypto platforms can be risky. The CEO also stressed that in the traditional finance world, people are having a hard time trusting financial institutions due to the recent bank collapses. “Suddenly people were like ‘wow, to leave crypto on an exchange is actually dangerous,’” Gauthier told Irrera. “And 2023 is even better for us because now you can’t even leave money at a Swiss bank.”
Ledger’s financing follows the company’s announcement of a new crypto hardware wallet called the Ledger Stax, which was created by iPod creator Tony Fadell. The news also follows the launch of 1inch’s new hardware wallet and Coinkite’s higher-end Coldcard device. Furthermore, the hardware wallet competitor Trezor revealed last month that it was taking control of its chip production.
The report on Thursday notes that Ledger’s chief experience officer Ian Rogers said the internet has changed how people perceive value. “The internet was this revolution of information, and now it’s given birth to this revolution of value,” Rogers said in a statement. “From the speculation, to NFTs, to digital collectibles, digital tickets, digital memberships and ultimately digital identity.”
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