Hardware Wallet Maker Ledger Gets $380M in Series C Funding Round

Hardware wallet maker Ledger has just closed a massive Series C funding round led by digital asset fund 10T Holdings. The Paris-based company raised $380 million, according to a press release on Thursday.

Ledger's funding round also garnered support from Cathay Innovation, Draper Associates, DCG (the parent company of CoinDesk), Korelya Capital and Wicklow Capital, among others.

The Series C raise places Ledger with an implied valuation of more than $1.5 billion, marking the company's rapid and accelerating growth, according to the release.

Funding will go towards furthering innovation of its hardware products, providing new services for decentralized finance solutions, and expanding its enterprise capabilities.

See also: Developer of China’s Blockchain-Based Service Network Gets $30M in Series A Funding

Ledger's previous raises came by way of a $7 million Series A funding round in 2017 and a further $75 million via a Series B in 2018.

10T Holdings was launched as a $200 million fund by investor and entrepreneur Dan Tapiero earlier this year in a bid to capture new capital from institutional investors.

"We believe Ledger is the premier security company and premier brand name in the cryptocurrency/blockchain space," said Tapiero who simultaneously announced in the release that he would be joining Ledger's board.