Gauthier: “When market concerns heighten, people rush to purchase Ledger devices and use Ledger Live transaction services on a daily basis.”

Paris-based startup Ledger, which makes hardware wallets for cryptocurrency investors, has raised €100m ($109m) in funding, valuing the company at €1.3 billion. The round was led by investors including Digital Finance Group, True Global Ventures and Cité Gestion SPV.

The company will use the funds to expand its distributor network and develop new products. The firm’s hardware wallets store users’ private keys on secure hardware, making them safer than storing digital assets on exchanges, which have been prone to hacks. The demise of crypto exchanges such as FTX has also made investors nervous about leaving their funds on digital platforms. (Bloomberg)

Ledger’s revenue for its app to buy and sell cryptocurrencies has grown 200% YoY, and the company stores 20% of the world’s cryptocurrencies and 30% of the world’s non-fungible tokens. The firm has partnered with luxury brands including Fendi and Hublot and launched a platform for artists and brands to release their NFTs. The company’s latest hardware wallet was designed by Tony Fadell, co-founder of Nest and the builder of the iPod and iPhone.

CEO Pascal Gauthier said in a blog that the rise of the Internet of Value would reshape how people own and manage their assets, and that Ledger’s role would be to provide a new generation of secure consumer devices to millions.

“As the Internet of Value gradually goes mainstream, our Ledger devices will allow you to manage an ever-expanding range of tokenized assets, including your value, identity, data, stocks, and much more, enabling you to connect with complete ownership,” Gauthier wrote.

Related Story: Ledger Launches Stax, A Hardware Wallet Designed By Tony Fadell Of iPod Fame