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Crypto hardware wallet startup Ledger is raising $100M

Ryan Lawler
Aug 1, 2022
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Illustration: Aïda Amer/Axios

Crypto hardware wallet maker Ledger is in talks to raise at least $100 million in new funding, Bloomberg reports.

Why it matters: As contagion has spread through multiple centralized crypto exchanges, more digital asset investors are looking for the type of self-custody and added security a hardware wallet provides.

Flashback: Last June, Ledger raised $380 million at a valuation of more than $1.5 billion. But this new funding will reportedly give the crypto hardware maker a higher valuation than that.

Context: The company's fundraising comes as a number of centralized crypto exchanges have halted customer withdrawals, with some entering bankruptcy proceedings.

  • That's driven the "not your keys, not your coins" crowd to emphasize the need for self-custody.
  • At the same time, a number of high-profile crypto hacks has led others to want their digital assets stored in a cold wallet — like the kind Ledger makes.
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