Crypto hardware wallet maker Ledger has raised $380 million in a Series C funding round. As a result, the company's valuation has reached $1.5 billion.
The round has been led by 10T Holdings, a venture fund, although Cathay Innovation, Draper Esprit, Wicklow Capital, Uphold Ventures, Felix Capital and other investors have also participated. Pascal Gauthier, CEO of the company, said:
"It’s a $1.5 billion valuation that we’ve reached through this round, but the reality is that our real target is a $100 billion valuation, and the reason why we think it’s going to be a $100 billion valuation is because the market’s going to be really huge."
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According to Ledger, it will use the funds raised to expand its product line, integrate transaction services into the Ledger Live application, including those focused on the DeFi sector, and upgrade its operating system.
Ledger also plans to expand its international presence. According to Gauthier, the company is investing in "internationalization and localization" with a focus on tailoring the service for non-English speaking countries.
Gauthier added Ledger has sold over 3 million hardware wallets in 190 countries over the past few years. More than 40 institutional clients use its services. According to the company's own data, its products offer security for 15% of all cryptocurrencies in the world.