Leading digital asset security provider Ledger has raised $380 million in a bid to expand its services to cover other areas of the blockchain.
Ledger raises $380 million from investors
Cryptocurrency companies are expanding their business to accommodate the emerging markets such as decentralised finance (DeFi) and nonfungible tokens (NFTs). Hardware wallet manufacturer Ledger is making a similar move.
The company announced earlier today that it had raised $380 million in a Series C round. The funds would allow Ledger to expand its security services to other digital assets such as NFTs and DeFi.
Ledger revealed that the funds would allow them to further innovate their hardware products and add new ones, including new transactional services to Ledger Live like DeFi solutions, and integrate new third-party services via ongoing development of their proprietary operating system. The company will also strengthen its capacity to support businesses through Ledger Enterprise Solutions.
Ledger said, “We expect to see the ecosystem diversify beyond cryptocurrencies to include NFTs, real estate, and other forms of value that can be shifted onto the blockchain. As we look to the future, we see ourselves as the secure gateway to this growing ecosystem. Our goal is to empower users to buy, sell, swap, borrow, and lend digital assets through the Ledger Live platform, which— when combined with our hardware— offers best-in-class security and a seamless user experience,”
10T leads the latest funding round
According to the blog post, the latest funding round was led by 10T. Other investors include Cathay Innovation, Draper Dragon, Draper Associates, Draper Esprit, DCG, Wicklow Capital, Tekne Capital, Uphold Ventures, Felix Capital, and a few others.
Ledger assured investors that they would execute their plans globally as the company continues to expand its operational and geographic footprint. The DeFi and NFT markets continue to gain adoption. Their massive growth over the past few months has made it necessary for companies like Ledger to take notice and start offering related services.