Key Points:

• Ledger’s Series C fundraising round has been extended by €100 million, valuing the company at €1.3 billion.
• The company’s sales only increased after the FTX crash and bear market.
• The funds will be put to use for new products, improved manufacturing, and expanding the company’s distribution network.

Bloomberg reports that Ledger, a company that makes hardware wallets for crypto investors to keep their digital assets, has received the majority of its €100 million investment round at first close, benefiting from the instability of other sectors of the industry. The fund represents the first of three investment rounds.

This values Ledger at €1.3 billion, which is close to the price that investors agreed upon during the company’s most recent financing in June 2021.

The source claims that there will be a second closure in April, followed by a third fundraising at a later time due to high investor demand. The funds will be put to use for new products, improved manufacturing, and expanding the company’s distribution network.

Pascal Gauthier, Chief Executive Officer of Ledger, said in an interview in Paris:

“Suddenly people were like ‘wow, to leave crypto on an exchange is actually dangerous. And 2023 is even better for us because now you can’t even leave money at a Swiss bank.”

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Record is one business that makes USB-like gadgets for putting away crypto resources. Because they do not have an active internet connection, these devices are also known as “cold wallets.” Consequently, these wallets offer an additional layer of protection against hackers who could potentially gain access to and exploit all internet-connected wallets.

In a fundraising round in 2021, Ledger raised an additional €356 million, or more than $385 million at the current exchange rate. In spite of the extra €100 in speculation, the organization’s worth stayed unaltered at €1.3 billion, which relates to $1.41 billion at the hour of composing utilizing the ongoing cash rate.

Digital Finance Group, True Global Ventures, and VaynerFund were among the businesses that participated in the second investment round but did not participate in the first. Companies like Cathay Innovation, Morgan Creek, 10T, and Korelya Capital made significant contributions to both fundraising rounds.

Following the shocking collapse of the cryptocurrency exchange FTX, it appears that November marked the company’s highest revenue month ever. Ledger Live’s buy-and-sell crypto app generated 200% more revenue last year. As indicated by Record, it as of now keeps over 20% of the world’s cryptographic forms of money and 30% of non-fungible tokens (NFTs).

Trezor, an equipment wallet provider, profited from FTX’s liquidation too, refering to a 300% expansion in deals pay as a result of financial backers recovering their money.

Since 2014, Ledger has sold more than 6 million hardware wallets. The company sold approximately one million gadgets between June 2022 and February 2023.