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Illustration: Rebecca Zisser / Axios

Ledger, a French developer of hardware wallets for cryptocurrency, said Thursday that it has raised around $75 million in new venture capital funding.

Why it matters: Because the startup's popularity — a source says it's profitable with around $56 million in 2017 revenue on more than a million wallets sold — reflects the fundamental contradiction of crypto securities: They are built on a technology most notable for its computer science breakthrough in verification (i.e., solving the Byzantine Generals Problem), but their unique/unrecoverable "keys" are prone to being lost or hacked without offline storage.

DFJ Esprit led the Series B round, and was joined by FirstMark Capital, Cathay Innovation, Korelya Capital and return backers CapHorn Invest, GDTRE and Digital Currency Group.

Proceeds will be used both to expand hardware production capacity (there is currently an order backlog) and also expand a new software business aimed at corporations and financial institutions that rely on large, in-house server structures.

Go deeper

Biden explains justification for Syria strike in letter to Congress

Photo: Chris Kleponis/CNP/Bloomberg via Getty Images

President Biden told congressional leadership in a letter Saturday that this week's airstrike against facilities in Syria linked to Iranian-backed militia groups was consistent with the U.S. right to self-defense.

Why it matters: Some Democrats, including Sens. Tim Kaine (D-Va.) and Chris Murphy (D-Conn.) and Rep. Ro Khanna (D-Calif.), have criticized the Biden administration for the strike and demanded a briefing.

5 hours ago - Health

FDA authorizes Johnson & Johnson's one-shot COVID-19 vaccine for emergency use

Photo: Illustration by Pavlo Gonchar/SOPA Images/LightRocket via Getty Images

The Food and Drug Administration on Saturday issued an emergency use authorization for Johnson & Johnson's one-shot coronavirus vaccine.

Why it matters: The authorization of a third coronavirus vaccine in the U.S. will help speed up the vaccine rollout across the country, especially since the J&J shot only requires one dose as opposed to Moderna and Pfizer-BioNTech's two-shot vaccines.

Updated 5 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios