• Ledger, a hardware wallet maker, has raised $109 million in a new funding round at a valuation of $1.4 billion.
• The raise comes as crypto exchanges FTX and Binance have been facing collapse and lawsuits respectively.
• Ledger’s products are designed to help users store their assets securely in physical location.
Ledger Raises $109M Funding Round
FinanceCrypto Hardware Wallet Maker Ledger has raised most of a 100 million euros ($109 million) funding round at a valuation of 1.3 billion euros ($1.4 billion), the company told Bloomberg. Media outlets first reported on a potential new round last August.
FTX Collapse & CFTC Lawsuit
The collapse of centralized crypto exchange FTX and the U.S. Commodity Futures Trading Commission lawsuit against competitor Binance have made many digital-asset owners wary of leaving their tokens in the hands of others. Ledger’s hardware products allow users to store their assets in a secure, physical location.
Company Commitment to Blockchain Innovation
Ledger CEO Pascal Gauthier addressed the Series C extension round stating that despite trying times for the crypto industry throughout 2022, Ledger has consistently shown strong resilience and growing adoption for its hardware and services business parts: “Since Ledger’s inception, we’ve seen the market go up and down, people question whether crypto should exist at all, but our commitment to blockchain innovation has been unwavering,” he said.
The Benefits Of A Hardware Wallet
A hardware wallet allows users to store their digital assets securely in an offline physical device rather than with an online service provider or exchange like FTX or Binance which can be vulnerable to attacks from hackers or other malicious actors looking to steal funds from users’ accounts or wallets. This makes them more reliable than other forms of cryptocurrency storage such as online wallets or hot wallets which are connected to the internet making them susceptible to hacks or other cybercriminal activity targeting these accounts or wallets for funds theft purposes.
In light of recent events surrounding major exchanges like FTX and Binance, it is clear that investing in reliable security measures such as those provided by Ledger is essential for anyone looking to protect their digital assets from theft or loss due to external factors beyond their control such as hacks or phishing attempts targeting user accounts and wallets connected with these services providers and exchanges .