Hardware wallet provider Ledger is trying to take advantage of the market to attract investment and expand its business.
Ledger is looking to raise at least $100 million by boosting its market valuation. The company wants to use the sluggish market to gain a stronger foothold in the crypto industry: in the current environment, investors tend to hold on to their digital assets rather than let them work.
Recent liquidity problems on the Zipmex exchange, the bankruptcy of broker Voyager Digital and lender Celsius Network have shown that it is best to aim to secure your assets at this time. Investors seek to transfer their cryptocurrencies to cold or hardware wallets in order to gain absolute control over assets. Ledger is the market leader in hardware wallets, and it expects the current conditions to come in handy.
The company last raised $380 million in investments in June 2021, raising its own market valuation to $1.5 billion. To date, the company has sold more than 3 million wallets and assembled a team of 300 people scattered around the world. In addition to wallets, Ledger offers many crypto-related services and aims to become a popular consumer brand. On Monday, Ledger launched a non-fungible token platform, announcing that the platform will feature collections of NFTs from major brands and artists.
Ledger Chief Development Officer Ian Rogers said that Ledger wallet sales jumped 4.5 times in a day on news of the problems with the Celsius platform and continue to be high.
Source: Bits
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