After raising a great amount of up to $380M in funding in June at a valuation of nearly $1.5B, Ledger (a France-based hardware crypto wallet maker) is pursuing to collect an additional $100M, as mentioned in a Bloomberg report. Ledger gathered approximately $380M in a 10T Holdings-led funding round. At the moment, as the reports put it, the firm is endeavoring to have an extra $100M to speed up its expansion plans.
Ledger Reportedly Contemplates Additional Funding of $100M
Business is reportedly elevating as the investors are inclined toward putting their crypto assets into cold storage, as mentioned by the sources that Bloomberg referred to. Leger’s hardware wallets for storage play the role of offline storage without requiring an internet connection, offering additional security against the exploits as compared with those that operate online. With this, the consumers are permitted to administer their crypto holdings without being apprehensive about the liquidity of the provider.
The products offered by the firm have been famous during the previous years and the investors pursue the protection of the digital assets in their possession from liquidity and exploitation issues that have prevailed across the crypto industry in recent times. The business of Leger is reportedly growing at a point while the exchanges and lenders are going through liquidity matters, as Bloomberg’s source disclosed.
The businesses in the crypto market are in distress and they are putting a stop to the consumer withdrawals to prevent a bank run. A recent instance in this respect is Zipmex (a Singapore-based exchange of digital assets) however the lenders such as Celsius and Vauld have both recently used the technique, where the former filed for bankruptcy just after the latter. Due to these concerns, the hardware wallets’ demand has increased for offline storage of digital assets as well as to stay away from the likely liquidity matters.
The Platform Remains Silent on the Reports
Though more funding is reportedly being pursued by Ledger, the firm has not remarked on the respective reports. The provider of the hardware wallets has additionally moved ahead toward crypto-based debit cards. To make this come true, a debit card entitled Crypto Life (CL) was also released by the company on the Visa platform in the previous December. The card rapidly converts crypto assets into fiat currency from a safe wallet while it is utilized to make payments to the merchants.
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