Ledger chalks up $75 million USD in series B funding

January 18, 2018

Ledger, the hardware cryptocurrency wallet marque, has succeeded in raising $75 million USD in series B funding as it continues to scale its operations.

Hardware wallet maker Ledger today has succeeded in drawing in new capital to its business – the marque has now raked in $75 million USD in series B funding through both new and existing investors.

Presiding over the announcement, Ledger CEO Eric Larcheveque offered that “These funds will be used to keep investing significantly in R&D while scaling our operations and deploying our teams globally.”

Read: Sirin Labs, maker of the Finney blockchain smartphone, raises $110 million in its ICO

In an official release, Ledger further confirmed that the funding would used in the development of a new storage solution for institutional investors such as banks, and that the product would be dubbed the ‘Ledger Vault’.

In interview with TechCrunch, Larcheveque explained that “For the wallets, we integrated our operating system in a secure chip, and for the Vault, we are integrating it in a hardware security module… The idea behind it is to provide additional features and services, such as multiaccounts, multisignature or timelocks.”

Ledger’s series B round was led by Draper Esprit, Draper Venture Network, FirstMark Capital, Cathay Innovation, and Korelya Capita while existing investors CapHorn Invest, GDTRE and Digital Currency Group also participated.

The company has continued to scale its business as cryptocurrencies have grown in popularity; the brand sold one million hardware wallets in 2017, up from just 30,000 units in 2016.

Ledger closed its $7 million USD series A round in March of 2017.

Read: Kodak announces new ICO, partnership to create a ‘photo-centric cryptocurrency’

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