French crypto firm Ledger received $24 M funding from SG’s True Global Ventures
Ledger, a France-based platform for digital assets and Web3 has received more than $24 million in investment from Singapore-based technology equity venture capital firm True Global Ventures (TGV).
According to a statement from TGV, this funding will allow Ledger to advance its global goals and quicken its progress toward becoming a truly desirable consumer technology brand.
The statement claims that Ledger is still valued at €1.3 billion ($1.41 billion) as of this Series C extension round.
Despite macroeconomic and sectoral headwinds, the valuation reflects investors’ confidence in Ledger.
Numerous current and new investors, including members and observers of the Supervisory Board True Global Ventures, 10T, and Molten Ventures (formerly Draper Esprit), are supporting the funding.
FirstMark Capital from earlier rounds is also a Supervisory Board observer.
Over 20% of the world’s cryptocurrencies and over 30% of the non-fungible NFTs are currently secured by Ledger.
The business unveiled its newest product, the Ledger Stax, in December. Tony Fadell, a Ledger adviser and co-founder of Nest, created a distinctive design for the device.
The five Web3 megatrends that TGV released for 2023 were well received by the world’s investors.
Self-custody, Bitcoin, and DeFi are the three decentralization winners for 2023, according to TGV, within one of the Megatrends.
Ledger’s product offerings, according to the statement, include the hardware wallet Ledger Nano S Plus and the crypto wallet Ledger Nano X, as well as the secure omnichain digital asset app Ledger Live and the enterprise-grade Ledger Enterprise Solutions.
Ledger recently sold six million devices, and Ledger Live has more than 1.5 million users every month.
By forming alliances with luxury brands Hublot and Fendi, the company has been able to penetrate the popular culture. It has also strengthened its position as a Web3 leader by forming alliances with companies like VeeFriends and Nike’s RTFKT.
The open metaverse platform The Sandbox, a portfolio company of TGV, and Ledger have also partnered.
