Ledger Nano S hardware raises $75 million in second round of funding

Ledger, a company that manufactures Ledger Nano S hardware or cold crypto wallet. It has raised $75 million in the second round of funding to ramp up production and solve back-order issues.

It is the most significant Series B regarding amount raised by a crypto startup when you exclude ICOs. The round was oversubscribes according to the company. Nano S serves as a compact wallet not just for Bitcoin but also for Ethereum and other altcoins. However, it serves as hardware to store private keys and sign transactions on a screen. It also integrates with other software wallets.

The company has also said it will be launching Ledger Vault, a security solution targeted at banks, hedge funds and family offices that want to invest in cryptocurrencies.

Ledger co-founder and CEO Eric Larchevêque said,

“For the wallets, we integrated our operating system in a secure chip, and for the Vault. We are integrating it into a hardware security module. The idea behind it is to provide additional features and services, such as multi-accounts, multisignature or timelocks”.

The second round of investments brought together some more investors including Draper Venture Network funds, which includes Draper Associates, Draper Dragon, and Boost VC as well as FirstMark Capital, Cathay Innovation, Korelya Capital and existing investors CapHorn Invest, GDTRE and Digital Currency Group.

Also Read: Tether increases amount of USDT in circulation amidst fears of USD backing reserves

And in other encouraging news, Ledger sold more than a million hardware wallets in 2017 compared to only 30, 000 wallets sold in 2016. And that was to the extent of the company failing to fulfill Ledger orders. Currently, those who buy Nano S will get the device delivery in March 2018.

The increase in sales last year translates to more than 33 percent year-over-year increase. That tells you 2017 was massive for every cryptocurrency investment firm.

A cold hardware wallet secures cryptocurrencies offline and can be in use to sign transactions offline before broadcasting the deal on the network. Cold hardware wallets are considered the most secure when compared to hot (online) and other forms of wallets.

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Sara K

Sara is steadily working on cryptocurrency evaluations, news, and fluctuations in digital currency prices. She is guest author associated with many cryptocurrencies admin and contributes as an active guide to readers about recent updates on virtual currencies.

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