Blockchain security company and cryptocurrency cold wallet provider Ledger has secured millions in its latest round of funding.
According to Ledger it has managed to raise $75 million in the second round – Series B – of funding from a number of venture funds and investors including Draper Venture Network funds, including Draper Associates, Draper Dragon, and Boost VC, as well as FirstMark Capital, Cathay Innovation, and Korelya Capital.
The fresh funding will help Ledger upscale its operations to cope with higher demand. According to Ledger the funding will also be partly used in R&D operations.
In a press release, the company stated that investments were led by London-based capital markets company Draper Esprit. Draper Esprit CEO Simon Cook praised the company’s efforts in building secure solutions for cryptocurrencies stating that blockchain is a truly revolutionary technology. He added that security will be paramount to its success and we believe that Ledger has built the world’s best security platform to manage private keys for all blockchain and crypto asset applications.
Ledger was founded in Paris in 2014. The company is planning to launch a new solution for financial institutions called the Ledger Vault that will enable banks, hedge funds, and family offices to securely manage their crypto assets.
A few months ago, Ledger announced partnerships with technology leaders, including Intel and Gemalto, aiming at delivering a high assurance security infrastructure for crypto asset applications.
Ledger supplies the world’s most popular hardware wallet. It has sold over a million of them across 165 countries, and demand is rampant. At the time of writing, the website was reporting it was out of stock on the Ledger Nano S, its flagship product, and pre-ordering for the next batch in March 26th was necessary. The unit can be purchased on third-party sites, such as Amazon, but at vastly inflated prices.