Draper Venture Network Funds, which includes Draper Associates, Draper Dragon and Boost VC, also participated in the funding. Other new investors to Ledger were FirstMark Capital, Cathay Innovation, and Korelya Capital, while previous backers CapHorn Invest, GDTRE and Digital Currency Group also participated.
Founded in 2014, Ledger is a security and infrastructure developer for cryptocurrencies and blockchain applications. Ledger offers hardware crypto wallets, one of these products is a USB and enables users to connect a wallet to any device. The USB comes with a digital screen which is used for payment validation.
A small touchscreen device, Ledger Blue, is another hardware crypto wallet Ledger offers, and can be used to check currencies, or connected to computers and smartphones via Bluetooth or USB.
The company has sold over one million cryptocurrency wallets across 165 countries and is now looking to launch a new solution for financial institutions. The Ledger Vault will allow banks, hedge funds, and family offices to manage their cryto assets.
This injection of equity will be used by the company to invest in its R&D, scale its operations and deploy teams globally.
DFJ, the Draper Network founder Tim Draper said, “Ledger creates security for cryptocurrency far beyond what I get from my bank. This is where people store money now. Ledger lets me take control of my currency rather than having to ask my bank.
“We’re seeing digital currency blossom across every continent and so several of the Draper Network funds, from Silicon Valley, Europe and Asia have come together to fund Ledger and help them expand globally.”
This Series B comes after the company secured $7m in it’s A round which closed last year and was co-led by MAIF Avenir and Xange.
Recently, Ledger announced a partnership with technology providers Intel and Gemalto in order to ensure security for its crypto asset applications.
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