Cryptocurrency hardware wallet maker Ledger has raised 100 million euros ($109 million) in funding, according to the company’s disclosure on Thursday. Ledger CEO Pascal Gauthier says there has been significant demand for hardware wallets. He added: “2023 is even better for us because now you can’t even leave money in a Swiss bank.”
Ledger to expand distribution, production and R&D with new funding injection
According to a Thursday report Per Bloomberg, Ledger, the maker of cryptocurrency hardware wallets, has revealed that it raised €100 million ($109 million) from investors. The capital raise comes at a time when cryptocurrency companies have filed for insolvency and laid off a significant portion of their workers. Ledger CEO Pascal Gauthier told Bloomberg’s Anna Irrera that the company will take advantage of the cash injection to expand distribution, production and research and development.
Gauthier noted that in 2022, people realized that leaving money on centralized crypto platforms can be risky. The CEO also emphasized that in the world of traditional finance, people are finding it difficult to trust financial institutions due to recent bank collapses. “Suddenly people were saying ‘wow, leaving cryptocurrency on an exchange is really dangerous,'” Gauthier told Irrera. “And 2023 is even better for us because now you can’t even leave money in a Swiss bank.”
The Ledger funding follows the company’s announcement of a new crypto hardware wallet called Ledger Stax, which was designed by iPod creator Tony Fadell. The news also follows the launch of Coinkite’s new 1-inch hardware wallet and high-end Coldcard device. Additionally, hardware wallet competitor Trezor revealed last month that it was taking control of its chip production.
Thursday’s report notes that Ledger’s chief experience officer, Ian Rogers, said the internet has changed the way people perceive value. “The Internet was this information revolution, and now it has given birth to this value revolution,” Rogers said in a statement. “From speculation to NFTs, digital collectibles, digital tickets, digital memberships, and ultimately, digital identity.”
What do you think about the future of hardware wallets in the cryptocurrency industry and how do you think they will continue to evolve to meet the needs of cryptocurrency investors and traders? Share your thoughts in the comments section below.
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