(Bloomberg) -- Ledger, which makes hardware wallets for crypto investors, is in talks to raise at least $100 million in a funding round that will give it a higher valuation than what it commanded at its most recent financing, according to people familiar with the plans who declined to be identified discussing confidential matters.
A Ledger spokesperson declined to comment.
The company, which last raised $380 million in June 2021 at a valuation of more than $1.5 billion, is seeking more funds at a time when crypto venture capital investing has cooled down in response to the downturn in digital-assets prices. But while some companies have seen their funding talks fall apart, other crypto startups, including Aptos Labs and Magic Eden, have managed to secure fresh capital at higher valuations.
In Ledger’s case, the company’s business is growing, the people said, as an increasing number of crypto investors look to store their own coins instead of delegating the task to third parties following recent liquidity troubles at crypto exchange Zipmex and the bankruptcies of broker Voyager Digital and lender Celsius Network. A heightened desire for security is also helping drive Ledger’s business, one of the people said.
Started in 2014, Ledger has sold about 3 million hardware wallets to date that let people store their own crypto, according to its website. It has more than 300 employees in Paris and several other cities, the website said. In addition to wallets, the company also offers a slew of crypto-related services and has been making a push to become a more mainstream consumer brand. Most recently, Ledger launched a nonfungible token marketplace on Monday and said the platform will feature NFT collections from major brands and artists.
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