Though the crypto market has bounced again just lately within the final two weeks, the indicators of ‘crypto winter’ are usually not fully over. With the regulatory onslaught, funding within the crypto house has shrunk significantly.
Regardless of the present headwinds, crypto {hardware} pockets maker Ledger is trying to elevate a minimal of $100 million in recent funding at the next valuation. Final yr in June 2021, the corporate raised $380 million at a valuation of $1.5 billion.
Nonetheless, folks acquainted with the matter didn’t say what valuation the corporate is in search of now. As mentioned, the latest fundraising from Ledger comes at a time when investments within the crypto sector have cooled down considerably.
Nonetheless, there have been crypto corporations which have seen their enterprise develop this yr. Citing folks acquainted with the matter, Bloomberg reported:
In Ledger’s case, the corporate’s enterprise is rising, as an growing variety of crypto buyers look to retailer their very own cash as a substitute of delegating the duty to 3rd events following latest liquidity troubles at crypto alternate Zipmex and the bankruptcies of dealer Voyager Digital and lender Celsius Community. A heightened need for safety can be serving to drive Ledger’s enterprise.
The Rising Demand for {Hardware} Wallets
As mentioned, this yr now we have seen a number of crypto lenders and exchanges dealing with the warmth of huge liquidations. A number of of the exchanges have suspended withdrawals in a single day.
Because of this, buyers within the crypto house are getting much more cautious of their crypto holdings. Thus, they need to transfer their crypto to chilly wallets or {hardware} wallets to take absolute management of their belongings. With Ledger being a pacesetter within the {hardware} pockets house, it has benefitted from the rising demand.
Since its inception in 2014, Ledger bought greater than 3 million {hardware} wallets up to now. During the last eight years, the corporate has constantly grown in measurement.
Apparently, as per the latest announcement, Ledger is getting into the world of non-fungible tokens (NFTs). Final week, Ledger introduced its personal NFT market which can host NFTs from completely different artists and types.
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