Ledger secures $75m for crypto security

The demand for secure crypto storage is almost as high as the demand for the assets themselves. Only a few companies at the moment are offering solid secure offline storage devices for cryptocurrencies and they are selling out like hot cakes. Ledger is one such company and it has just secured its second round of investments which will go into research and development and up-scaling operations.

In a press release on the company blog yesterday Paris based Ledger announced that Series B of funding has now been completed with 75 million USD secured in investments. The first round of investments was held in March 2017 where $7 million was raised. Leading the way was London based capital markets firm Draper Esprit whose CEO Simon Cook said;

“Blockchain, as evidenced by crypto assets, is a truly revolutionary technology. Security will be paramount to its success and we believe that Ledger has built the world’s best security platform to manage private keys for all blockchain and crypto asset applications. This is a global company for a global industry and we have built an international syndicate through the Draper Network to support the team in their huge ambition.”

A number of other venture capitalist partners added to the stash which included Draper Associates, Draper Dragon and Boost VC, as well as FirstMark Capital, Cathay Innovation, and Korelya Capital.

Eric Larchevêque, Ledger CEO, was pleased with the outcome;

“We initially designed our Ledger hardware wallet as an enabler for the blockchain revolution. Three years later and with this Series B, we are reaching a significant milestone in our path to build a technological giant in the promising space of cryptocurrencies. These funds will be used to keep investing significantly in R&D while scaling our operations and deploying our teams globally. I am delighted to bring on board Draper Esprit and a truly global group of investors who will support the company as it grows rapidly.”

Further services are in the pipeline including the Ledger Vault which aims to enable banks, funds and offices to secure and manage their crypto assets. The company has sold over a million hardware wallets around the world and demand is at an all-time high. They have currently sold out and have a pre-order notice on the website for the next batch on March 26.

Subscribe to our newsletter

Bitcoin enthusiasts have plenty of hardware wallets to choose from. The situation is very different when it comes to altcoin support, however. Very few service providers integrate some lesser-known altcoins these days. Ledger is making some big moves in this department, though. It appears the Nano S hardware wallet will soon support NEO. This particular altcoin is quickly becoming a darling cryptocurrency for speculators and investors.

Most cryptocurrency users around the world have heard of the Ledger Nano S. It is by far one of the most popular hardware wallet solutions for Bitcoin to date The company has also been working on support for a few different altcoins over the years. It now appears NEO support may be coming to this device very soon. One of the NEO subreddit community members has been working a solution for over two weeks now.

NEO and the Ledger Nano S

Just yesterday, he was finally able to sign a transaction on the blockchain with a Ledger Nano S. That is a major development in terms of hardware support, albeit unofficial. It is certainly possible Ledger will integrate this feature themselves in the future, but for now, they aren’t inclined to do so. The community project still needs to undergo some testing and upgrades. More specifically, the BIP 39 and BIP 32 code for recovery needs to undergo extensive testing.

It is good to see someone come up with a solution, though. Anyone can work freely on providing Ledger support for specific altcoins. While these efforts are not endorsed by the company, they aren’t blocking said efforts either. The one thing to watch out for is how this NEO integration is not officially supported at this time. Anyone making use of this software will do so at their own risk. That is, until Ledger issues an official firmware update supporting this particular altcoin.

More specifically, it is possible Ledger will sign the app. If that is the case, it is “endorsed” by the company albeit not developed by them. It may take a while until this process is completed, though. There is no official timeline for this particular aspect, unfortunately. This goes to show the NEO community will not go anywhere and is looking to make a name for itself. Whether or not the French manufacturer will sign the app, remains to be seen, though.