Crypto Wallet Company Ledger Receives Funding Of IDR 1.6 Trillion

Physical crypto storage device, Ledger Nano X. (Photo; Doc. Ledger)

JAKARTA - Physical crypto storage hardware company Ledger recently announced a US$ 108 million (equivalent to Rp1.6 trillion) in its latest funding round, as reported by TechCrunch. This is an addition of 356 million euros (approximately Rp5.8 trillion) that the company has obtained in 2021.

For your information alone, hardware wallets are devices that can securely store crypto assets and are protected against hacker attacks. Ledger is one of the market leaders in this area, with more than 3 million devices sold worldwide.

Ledger's latest funding round involves several new and old investors, who show their trust and support for the company's vision and mission. Some of the new investors who joined were True Global Ventures, VaynerFund, and Digital Finance Group. They joined older investors such as Cathay Innovation, Morgan Creek, 10T, and Korelya Capital.

This funding round puts Ledger's valuation at 1.3 billion euros, or about $1.41 billion at the current exchange rate. This shows that Ledger remains one of the unicorns in the crypto industry, although it has not experienced an increase in valuation from previous funding rounds.

Ledger has two main goals in using the funds raised from this funding round. First, companies want to expand their market reach in various regions, especially in Asia and Latin America. Second, companies want to improve their user experience by developing new products and services that are more innovative and friendly.

One of the new products being developed by Ledger is the Ledger Live App Platform, which is an open platform for crypto app developers. This platform will allow users to access various crypto services such as DeFi, NFT, gaming, and others through their Ledger Live app.

In addition, Ledger also plans to launch next-generation hardware wallet products that will feature advanced features such as wireless connectivity, touchscreen, and biometrics. This product is expected to provide a higher level of security and comfort for users.

Why is hardware wallet important?

Hardware wallets or commonly referred to as cold wallets are physical devices for storing cryptocurrencies. Physically, the device resembles USB or other data storage devices, but is specifically designed to store cryptocurrencies offline and is not connected to the internet. Therefore, this is a popular choice that is safe from hacker attacks for storing crypto assets.

Hardware wallets also provide users with full control over their assets, without having to rely on third parties such as exchanges or online wallets. With hardware wallets, users have exclusive access to their private keys, which are secret codes used to send and receive crypto transactions.

With the development of the Internet of Value, where digital assets are increasingly diverse and valuable, hardware wallets are becoming increasingly important to protect the user's digital wealth.

"In the next five to ten years, my belief is that the emergence of the Internet of Value will change the way billions of people own and manage their assets, define the way we interact with the Internet, the intermediary role, the global economy, and every industry," said Ledger CEO Pascal Gauthier.

Therefore, Ledger is determined to be a leader in providing safe, easy-to-use, and digital asset hardware wallet solutions.