Crypto wallet company Ledger has announced that the company has raised $380 million as part of its series C funding round. With this latest round the company is now valued at more than $1.5 billion. The company says the funds will be used to expand their software and hardware wallet portfolio.
Ledger had a dramatic increase in its revenue in the first quarter of 2021. That increase led to the increased interest of investors in the company. The funding round was led by 10T holdings. While most of the investors from the series B round invested again in the company.
The CEO of Ledger said that the funds would be used to create an entire ecosystem of decentralized apps. Built around the Ledger Live software wallet and Ledger Nano S and Nano X hardware wallets.
The company has been on a roll in 2021, the revenues of the company increased by over 500% this year. Mainly due to the crypto market bull run. The company also had a hiring spree earlier this year when top talents from all over the industry were hired by the company.
Ledger’s Woes Are Over
Ledger had been really struggling last year when the news of their data breach hit the internet. It has since bounced back from the scandal that erupted in December 2020 when more than 1 million emails of Ledger wallet owners were leaked by hackers.
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