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Having raised a mammoth $380 million funding at a $1.5 billion valuation in June, French cryptocurrency {hardware} pockets maker Ledger is seeking to increase an additional $100 million, according to a Monday report from Bloomberg.
In June, Ledger raised $380 million in a funding spherical led by 10T Holdings. Now, in line with experiences, the corporate is in search of an extra $100 million to assist it proceed its fast growth. Enterprise is alleged to be thriving as traders search chilly storage for his or her cryptocurrency, in line with sources quoted by Bloomberg.
{Hardware} storage wallets from Ledger are a sort of offline storage that is not related to the web, making them safer in opposition to hacking than on-line wallets. This enables customers to handle their very own cryptocurrency with out worrying about their supplier’s liquidity.
The corporate’s merchandise have been common lately as traders search to guard their digital belongings from the hacks and liquidity issues which have plagued the cryptocurrency trade not too long ago. Ledger’s enterprise is reportedly increasing at a time when lenders and exchanges are experiencing liquidity issues, in line with Bloomberg’s supply.
Cryptocurrency companies in misery regularly cease shopper withdrawals to keep away from a financial institution run. Singapore’s Zipmex is the latest instance, however lenders together with Vauld and Celsius have each utilized the method not too long ago, with the latter submitting for chapter shortly after. Such issues have pushed thedemand for {hardware} wallets as a approach to retailer digital belongings offline and away from the potential liquidity points.
Associated: Aptos Labs raises $150M, greater than doubling valuation
Whereas Ledger is alleged to be in search of extra funding, the corporate has not commented on the experiences. The {hardware} pockets supplier is without doubt one of the most well-funded firms within the cryptocurrency trade, and its merchandise are among the hottest available on the market. The pockets supplier has additionally prolonged into crypto debit playing cards. The Crypto Life (CL) card was launched on the Visa community final December and immediately crypto into fiat from a protected pockets when used to pay retailers.
