Ledger banks $7m for cryptocurrency security hardware

Cryptocurrency security hardware maker Ledger has raised $7m in a Series A round co-led by MAIF Avenir and Xange.

Wicklow Capital, GDTRE, Libertus Capital, Digital Currency Group, The Whittemore Collection, Kima Ventures, BHB Network and angel investor Nicolas Pinto also participated.

The Paris-founded company’s flagship products are its Ledger Nano S cryptocurrency wallet and its Ledger Blue digital identity device.

It says more than 50,000 units of the products have been sold across 130 countries.

Ledger says the new capital will be used to expand into the enterprise space with the launch of a cryptocurrency security solution for marketplaces, hedge funds and financial institutions.

The company is also exploring opportunities in the industrial blockchain with the aim of licensing its hardware oracle technology to firms in the IoT space.

Company CEO Eric Larchevêque commented: “Ledger has seen a tremendous growth in the last months, and we are on track to increase tenfold our revenues this year.

“Our primary objective is to reinforce our position as a global market leader on hardware wallet products, while we accelerate the development of enterprise cryptocurrency solutions through the signature of soon to be announced strategic partnership agreements.

“We are also actively pursuing research & development on hardware oracle technology with key industrial customers for smart grid, supply chain and insurance blockchain use cases.”

Ledger operate an office in San Francisco and will also use the funding to expand it sales, marketing, engineering and support teams with the hire of 20 new staff.

This article first appeared on FinTech.Global. For more deal news as well as in-depth expert perspectives, articles, data and analysis please visit www.fintech.global

Copyright © 2017 FINTECH GLOBAL