If you are a cryptocurrency user, then you must have, at the very least, heard of Ledger, the hardware cryptocurrency wallet that has been around for a while. The wallet is so revered among the cryptocurrency industry that the company is now renowned in the cryptocurrency world as the manufacturer of one of the securest hardware wallets.
The company has been growing and has shown that there is demand, and due to this, Ledger easily raised $75 million in its Series B funding round. The funding round was led by Draper Esprit, a UK based venture capital funding firm.
Additional funding came from FirstMark Capital, Cathay Innovation, and Korelya Capital.
Background on Ledger
Since Ledger’s launch in 2014, the company has seen immense growth due to the way cryptocurrency was adopted by more and more people over the years. Started by a team of eight members, Ledger now has more than 80 employees in its locations in Paris, Vierzon and San Francisco.
While it continued to grow gradually, its most notable year was 2017, in which the company led the Series A round of funding and raised $7 million. It also saw a whopping increase in its sales, selling more than one million units of its hardware wallets.
To put these statistics in perspective, Ledger had sold only 30,000 units in 2016.
This brings us to Ledger’s plans for the future.
The company’s plans for the raised funds
Before 2017, no one could have seen the unprecedented rise of Bitcoin and other cryptocurrencies within the year. The cryptocurrency phenomenon and the excitement surrounding it had been so profound that it not only increased the value of these cryptocurrencies, but also of any assets and technologies associated with them.
In Ledger’s case, that demand increased the need for cryptocurrency wallets by cryptocurrency holders, who, by no means wanted to lose their precious digital assets to a hacking attempt.
Phones and computers are prone to getting hacked, while Ledger’s specialized wallets boast the ultimate security hardware and software in order to ensure that the cryptocurrency held within it, stays safe. This is what set Ledger hardware wallets as a must have product for anyone who was concerned about the safety of their cryptocurrency during 2017, and it is the same case now.
That is why, while the profitable company was able to complete almost all of its orders by selling those one million hardware wallets last year, it struggled to keep up with the increasing demand due to the surprising amount of orders. At the moment, the latest delivery date that it provides for its most popular hardware wallet is March 2018.
Therefore, to resolve these issues and to ensure that it could fulfill orders in a timely manner, Ledger will be using these funds to clear the backlog of orders and deliver as many units as possible while also ensuring that they are of the same quality that the industry has come to expect from a company of its stature.
The funds will also be utilized towards further research and development of security solutions as well as executing the company’s plans for expansion, as per Ledger’s CEO Eric Larcheveque.
“These funds will be used to keep investing significantly in R&D while scaling our operations and deploying our teams globally.” Larcheveque conveyed in a statement. “I am delighted to bring on board Draper Esprit and a truly global group of investors who will support the company as it grows rapidly.”