The French company Ledger wallet has reportedly raised $75 million in its Series B round led by Draper Esprit, a venture capital fund that invests in disruptive technology companies.
Ledger wallet is a popular provider of secure hardware wallets. The company has sold a million hardware wallets in 2017, according to a report published in Tech Crunch. Now the company claims that the funding round was oversubscribed, and makes clear it is the largest Series B round in a cryptocurrency start-up excluding ICOs.
Tech Crunch reports that the new funding round has seen the participation of investors like FirstMark Capital, Cathay Innovation, Korelya Capital and existing investors CapHorn Invest, GDTRE and Digital Currency Group.
The cryptocurrency boom of last year turned Ledger into a popular service to the point that they find it difficult to keep up with orders. The new funding will be used to solve these issues while powering the company’s goal to scale. Ledger is already reportedly gaining profits with its team of 82 employees located in Paris, San Francisco and Vierzon.
Another future plan of the company is to launch the Ledger Vault that is a security solution for banks, hedge funds and family offices that want to invest in cryptocurrencies.
Ledger co-founder and CEO Eric Larchevêque commented in an interview with Tech Crunch:
“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 .”, adding that the idea is to provide additional features and services like multiaccounts, multisignature or timelocks.
The company is certainly riding the wave of the cryptocurrency craze. People buying and selling cryptocurrencies need a safe wallet to use for their transactions. It may be the case that this kind of services will be the real winner, earning a lot from the growing interest in cryptocurrency trading.