Although the crypto market has bounced again not too long ago within the final two weeks, the indicators of ‘crypto winter’ usually are not solely over. With the regulatory onslaught, funding within the crypto area has shrunk significantly.
Despite the present headwinds, crypto {hardware} pockets maker Ledger is trying to increase a minimal of $100 million in contemporary funding at the next valuation. Last 12 months in June 2021, the corporate raised $380 million at a valuation of $1.5 billion.
However, individuals accustomed to the matter didn’t say what valuation the corporate is in search of now. As mentioned, the current fundraising from Ledger comes at a time when investments within the crypto sector have cooled down considerably.
However, there have been crypto companies which have seen their enterprise develop this 12 months. Citing individuals accustomed to the matter, Bloomberg reported:
In Ledger’s case, the corporate’s enterprise is rising, as an rising variety of crypto buyers look to retailer their very own cash as an alternative of delegating the duty to 3rd events following current liquidity troubles at crypto change Zipmex and the bankruptcies of dealer Voyager Digital and lender Celsius Network. A heightened need for safety can also be serving to drive Ledger’s enterprise.
The Rising Demand for Hardware Wallets
As mentioned, this 12 months we’ve seen a number of crypto lenders and exchanges going through the warmth of huge liquidations. Several of the exchanges have suspended withdrawals in a single day.
As a consequence, buyers within the crypto area 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 property. With Ledger being a pacesetter within the {hardware} pockets area, it has benefitted from the rising demand.
Since its inception in 2014, Ledger offered greater than 3 million {hardware} wallets thus far. Over the final eight years, the corporate has persistently grown in measurement.
Interestingly, as per the current announcement, Ledger is entering into the world of non-fungible tokens (NFTs). Last week, Ledger introduced its personal NFT market which can host NFTs from completely different artists and types.
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