Ledger raises $380M in Series C funding round led by 10T Holdings

Valued at $1.5 billion after completing the latest funding round, Ledger aims to add new products to its hardware and software wallet portfolio.

Ledger raises $380M in Series C funding round led by 10T Holdings

Following a dramatic increase in revenues in the first quarter, the cryptocurrency security company Ledger has completed a new fundraising round led by 10T Holdings.

Ledger announced the completion of a $380 million Series C fundraising round, which gave the company a valuation of $1.5 billion.

Ledger’s Series B round investors Cathay Innovation, Draper Associates, Draper Dragon, Draper Esprit, DCG, Wicklow Capital also attended the new fundraising along with Tekne Capital, Uphold Ventures, Felix Capital, Inherent, Financière Agache (Groupe Arnault), and iAngels Technologies, which were the new investors.

Pascal Gauthier, Ledger CEO, said the Series C investment round would transform Ledger from a digital asset security company to a secure gateway to the entire digital asset ecosystem. 

“This industry is fast becoming mainstream and reshaping the entire financial sector and beyond,” Pascal said.

The company will use $380 million in the development of new products and adding decentralized finance solutions to Ledger Live, the company’s wallet software. Company is also looking to expand Ledger Enterprise Solutions, a cloud-based digital asset custody service.

As the crypto sector is growing rapidly, Ledger expects the assets held on its products will grow in volume. The company wants to position itself as a secure gateway to the ecosystem as it diversifies to include non fungible tokens, real estate, and other blockchain-based forms of value.

Ledger saw a 500% surge in revenues during the first quarter of 2021, thanks to the bull market earlier this year. The company has hired former eToro and Opera leads, and it is still looking to expand its workforce.

Back in December 2020, Ledger experienced a major data breach that caused a leak of over 270,000 Ledger customers’ data. The leak included 1 million emails of Ledger wallet owners and customers that were signed up to the company’s newsletter service.