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DeFi Sunday: Ledger is planning to enter the industry

Ledger hardware wallet is one of the most used in the market. Therefore, we cannot really be surprised that they continue to work on the development of infrastructure and services for their clients. According to the latest information, the company is also heading to the DeFi industry.

The company raised up to $ 380 million in the last round of fundraising

According to Ledger statistics, they are not doing badly at all. They say they have sold more than 3 million hardware wallets in 190 countries around the world. In addition, they register more than 1.5 active users of the Ledger Live application each month. These numbers show that up to 15% of all crypto assets are globally protected through their hardware.

This round of fundraising was the third in a row and the amount raised grows with each round. In the first round (Series A) they received $ 8.3 million and in the second (Series B) in 2018 up to $ 75 million. Last round - Series C brought them $ 380 million. The company was valued at up to $ 1.5 billion in this round.

The French manufacturer has ambitious plans in DeFi

As much as $ 380 million raised in the last round of Series C fundraising is planned to be used primarily to improve access to decentralized finances and significantly expand the company's capacities. Ledger is really serious about plans with DeFi and they are going to invest in the further development of their own operating system, which should subsequently support the integration of third-party solutions. The hardware wallet itself as well as the Ledger Live application are also likely to be upgraded.

Ledger hardware wallet for cryptocurrency Ledger hardware wallet for cryptocurrency, Source: shutterstock.com

Ledger CEO Pascal Gauthier said that the funds in Series C opened up huge opportunities for them in the DeFi sector. It is gradually becoming mainstream and transforming the entire financial system as we know it. The company recorded a significant increase in revenue as early as the first quarter of 2021, and thanks to the new solutions, together with investors, they promise to continue this trend.

The goals of Ledger and its investors are clear

Permanent investors such as Cathay Innovation, Draper Associates, Draper Dragon, Draper Esprit, DCG and Wicklow Capital joined Series C. However, new companies have also appeared here - Tekne Capital, Uphold Ventures, Felix Capital, Inherent, Financiere Agache (Groupe Arnault) and iAngels Technologies. This only confirms that investments in the DeFi industry are attracting an increasing number of different entities.

Digital assets are becoming more and more common in everyday life, and Ledger believes that the volume of assets that is protected by their solutions will continue to grow. They would like to become a safe gateway to various DeFi ecosystems. They even managed to hire former executives of eToro and Opera.

However, not to praise Ledger, in December 2020, everything did not look smooth. A hole in the protection of personal data at that time caused a huge leak of up to 270,000 personal data of the company's customers. According to the report, the leak also involved 1 million emails from Ledger wallet owners as well as users registered to subscribe to their newsletter. However, the market seems to have forgiven them this mistake and continue to trust the company.

Slavomír is working in the field of cryptocurrencies since 2018. As a Co-Founder and Chief Marketing Officer of Dollero Technology, which is currently developing a crypto exchange ...

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