French start-up that makes hardware wallets for cryptocurrencies, has announced that they have raised $75 million in a huge funding round
If you have more than a bit of money in cryptocurrencies, chances are you’ve heard about Ledger wallets. The French startup has been designing some of the most secure hardware wallets out there. If you don’t want to get hacked, get a Ledger wallet.
Ledger, a French start-up that makes hardware wallets for cryptocurrencies, has announced that they have raised $75 million in a huge funding round.
The USD 75 million round was led by Draper Esprit, with additional funding from Draper Venture Network funds, including Draper Associates, Draper Dragon and Boost VC, as well as FirstMark Capital, Cathay Innovation, and Korelya Capital. The round is one of the largest traditional series B investment into blockchain and cryptocurrency related technologies to date (excluding ICOs). Existing investors, CapHorn Invest, GDTRE and Digital Currency Group, also participated in the round. Seed and Series A investor Xange remains at the capital.
As cryptocurrency participation has increased, so have associated security challenges. Cryptocurrency investors face a nascent landscape of exchanges, brokers and wallet providers. In this context, there are substantial opportunities to improve security and trust for participants.
Ledger was founded in 2014 by an ambitious team of eight entrepreneurs who saw the potential of blockchain technology to advance the way we live and that security would be the cornerstone of its long term success. The company has been growing at a fast pace since then and now employ 82 people in San Francisco, Paris and Vierzon.
The company, which is already profitable, has sold over a million cryptocurrency hardware wallets across 165 countries. They are also launching a new solution for financial institutions, the Ledger Vault, enabling banks, hedge funds and family offices to manage their crypto assets.
All these products are underpinned by a unique technology: an Operating System (OS) specifically designed to run on any secure hardware and to support any cryptocurrency. This technology enables security for blockchain applications and will eventually accelerate advancement in a wide variety of industries, from the internet of things to driverless cars, where security prevents widespread adoption.
Pascal Gauthier, President at Ledger and former COO at Criteo, added: “It has been a pleasure working with Ledger, initially as seed investor and now as President. The size of the opportunity in a growing, fascinating market and the team of truly extraordinary individuals persuaded me to leave life as an investor and to re-join the corporate world. Growing this team with additional talents will be one of our main goals in the next few years.”
Tim Draper, Founder of DFJ, the Draper Network, and one the largest owners of Bitcoin, commented: “Ledger creates security for cryptocurrency far beyond what I get from my bank. This is where people store money now. Ledger lets me take control of my currency rather than having to ask my bank. We’re seeing digital currency blossom across every continent and so several of the Draper Network funds, from Silicon Valley, Europe and Asia have come together to fund Ledger and help them expand globally.”
Ledger announced a few months ago technology partnerships with established technology leaders including Intel and Gemalto, aiming at delivering high-assurance security infrastructure for crypto assets applications.