Ledger seeks $100M to improve Bitcoin, Altcoin Cold Storage Wallets

Sahana Kiran
Source – Unsplash

Bitcoin [BTC], the world’s first cryptocurrency made its debut back in 2009. While it was widely available to the world, very few indulged in it. Several stayed away as its underlying technology and functions were more complicated than fiat. This certainly changed over the years.

An array of individuals began rolling out products and services that would ease the process of trading the asset. Ledger entered the market and revolutionized the storage process of cryptocurrencies. Now, the firm seemed to be seeking additional funding to spruce up its hardware wallets.

A recent report by Bloomberg pointed out that the hardware wallet manufacturer, Ledger was hoping to garner $100 million. Just last year, the platform managed to scoop up $380 million in a Series C funding round. This further pushed the platform’s valuation to $1.5 billion.

Ledger supports an array of assets like Bitcoin, Ethereum [ETH], XRP, Bitcoin Cash [BCH], Stellar [XLM], EOS, ERC20 tokens, and several others. The hardware wallet formulated by the firm acted as cold storage as it enabled users to hold their cryptocurrencies in a physical device.

Just last week, the platform added about 100 more Cardano tokens into its platform.

Additionally, several wondered why one would hold their virtual assets offline. This, however, gave holders the upper hand as they did not have to fear the repercussions of the liquidity of their respective providers.

Is Ledger still bullish about crypto?

The crypto-verse has been rather chaotic as the bears took over the reins. Over the last couple of months, the world witnessed the downfall of several firms like TerraForm Labs [TFL], Celsius, Vauld, Three Arrows Capital, and others. Amidst this bear market, platforms were seen keeping a low profile. Ledger clearly seemed to be unfazed.

It should be noted that the downfall of the aforementioned firms sent shock waves across the crypto community. This further forced customers to veer into self-custody solutions as opposed to leaving their crypto in the trust of centralized entities. It should be noted that Ledger does not rely on third parties.

However, the increased scrutiny that the crypto-verse is currently facing is expected to reach these wallets as well.