Hardware wallet company Ledger has raked in $380 million thanks to a Series C funding round. The event marks the third largest crypto funding round in the history of the space.
Ledger Wallet Has Earned Some Solid Money
At the time of writing, Ledger boasts a valuation exceeding $1.5 billion. The latest funding event was led by a wide array of known crypto firms including 10T holdings, Draper Esprit, Draper Associates, DCG, and Cathay Innovation. Prior to this round, Ledger managed to get its fingers on approximately $8.3 million through a Series A event four years ago and an additional $75 million in early 2018.
Thus far, Ledger has sold more than three million hardware wallets in nearly 200 countries, while its mobile app Ledger Live currently serves about 1.5 million users. Pascal Gauthier – the CEO of Ledger – explained in a statement:
What we stand for at Ledger is security first and foremost, but also usability. This is a way of saying that whatever you do with your crypto should be in a secure environment. Ledger is providing you with this experience where you can hold your bitcoin, or you can trade your bitcoin always with some level of security.
With this latest handful of money, Ledger says it is planning to launch a new system that will allow customers to access several new crypto-based applications and decentralized products. Among them will be a variety of non-fungible tokens (NFTs) and decentralized finance (Defi) tools. Thus far, Ledger has integrated itself with several digital currency platforms including Changelly, Compound and Coinify.
The company’s team of white hat hackers – commonly referred to as “the Dungeon” – say that one of the few problems remaining on Ledger’s list is convincing people that hardware wallets are the way to go instead of mobile wallets. While the latter is a far more popular and known method of keeping one’s crypto stored, Ledger insists that hardware wallets are safer. Gauthier explains:
If you ask the Dungeon, there is no such thing as software-only security. When you hold your keys, the only viable security is with secure hardware. You have to sometimes sacrifice a little bit of usability to be really secure because if you lose those keys, this is the end game, and you lose the value.
Despite remarks about safety, Ledger’s reputation was stained last year following a hack on its marketing department. This led to the private data of several customers being released, all of whom were victimized by numerous phishing emails. Gauthier says that Ledger has since changed its protocols a bit to delete private customer data sooner so that incidents like this cannot happen again.
The Product Itself Remains Uncompromised…
The security of the product was untouched, but the security of the company overall is something that you can always work on and always invest money into.