Cryptocurrency Hardware Release Software Ledger announced a new round of 75 million dollars B series funding to speed up operations and keep up with demand for products such as its Bitcoin Wallet Hardware.
British Ledger Financial Insurance Company, founded in Paris, raised 75 million dollars from investors in a series B run by Britain’s Draper Espirit venture capital company. “The round is one of the largest B-series traditional investment in blockchain and cryptocurrency technologies so far except for ICO’s,” Ledger said in an announcement today.
The funds will be utilized to finance Ledger’s expansion both in its global presence and in its team. Engaging, researching and developing and expanding operations to increase productivity to keep up with the demand for its products are all on the checklist.
Founded in 2014, Ledger now owns offices in Paris and Vierzon in France and San Francisco with 82 employees between the two countries. Starting with the financial crisis, which is already profitable, operational income was 56 million dollars in 2017 in sales between the US, Europe, and Asia, from 600,000 euros in 2016, CEO Ledger Eric Larcheveque said. This year, Ledger’s target is to reach between 3 and 6 million hardware wallets. The startup has sold nearly a million so far, the executive director attached.
Across serving Bitcoin retailers, Ledger tries to take advantage of new revenue from a new clientele financial institutions. While the details are limited, Ledger Vault will allow banks, hedge funds, and family offices to handle their cryptocurrency assets through a server-based architecture.
Talking at Bloomberg, Ledger’s executive director replied:
Finally, we will be able to put our software on other hardware, which is a suggestion for the next roadmap. Eventually, we want to be a giant of technology to provide the Bitcoin and blockchain infrastructure.
Different investors include the Draper Venture Network, inclusively Draper Associates and Boost VC, along with FirstMark Capita, Cathay Innovation, and Korelya Capital. Existing investors, such as the Digital Monetary Group, also joined in the funding round.
Stressing the need for bulletproof security, FirstMark Capital’s chief executive Matt Turck said:
While the value of individual digital coins and chips may be subject to volatility, the global cryptocurrency and blockchain space have emerged as a new fundamental paradigm that will continue to grow in importance. Given the massive amounts of money circulating in the ecosystem, there is no longer a more pressing need than a bullet security infrastructure at this stage.
The B series of Ledger follows an early seed financing round in 2015, rising to 1.3 million euros at the time. In April 2017, Ledger announced the closing of 7 million dollars A series. Overall, the launch of cryptocurrency has increased from 85 million dollars since its inception in 2014.