Last Updated on July 31, 2022 by Bitfinsider

Even though the cryptocurrency market has lately recovered during the past two weeks, the ‘crypto winter’ symptoms are still present. The regulatory pressure has significantly reduced funding in the cryptocurrency industry.

Ledger, a maker of crypto hardware wallets, is attempting to attract at least $100 million in new capital at a higher value despite the current challenges. The business raised $380 million at a $1.5 billion valuation last June 2021.

However, those with knowledge of the situation declined to specify what valuation the company is currently seeking. As previously stated, the Ledger fundraising initiative recently coincides with a sharp decline in investment activity in the cryptocurrency market.

However, several cryptocurrency businesses have experienced growth this year. Using sources with knowledge of the situation, Bloomberg reported: “In Ledger’s case, the company’s business is growing, 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.”

As previously mentioned, this year has seen a number of cryptocurrency lenders and exchanges experience intense liquidations. Overnight withdrawals have been put on hold at a few of the exchanges.

As a result, cryptocurrency investors are becoming even more wary of their holdings. As a result, they want to gain complete control of their assets by moving their cryptocurrency to hardware wallets or cold storage. Ledger has benefited from the growing demand because it is the market leader for hardware wallets.

Ledger has so far sold more than 3 million hardware wallets since its founding in 2014. The business has steadily expanded in size over the past eight years.

It’s interesting to note that, according to a recent release, Ledger is entering the market for non-fungible tokens (NFTs). Ledger stated last week that it would host NFTs from various companies and artists in its own NFT marketplace.

Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked.

To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor

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1. The Intelligent Investor by Benjamin Graham
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3. The Basics of Bitcoins and Blockchains: An Introduction to Cryptocurrencies and the Technology That Powers Them by Antony Lewis

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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.