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Hardware Wallet Maker Ledger Gets $380M in Series C Funding Round

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Hardware wallet maker Ledger has just closed a massive Series C funding round led by digital asset fund 10T Holdings. The Paris-based company raised $380 million, according to a press release on Thursday.

Ledger’s funding round also garnered support from Cathay Innovation, Draper Associates, DCG (the parent company of CoinDesk), Korelya Capital and Wicklow Capital, among others.

The Series C raise places Ledger with an implied valuation of more than $1.5 billion, marking the company’s rapid and accelerating growth, according to the release.

Related: Developer of China’s Blockchain-Based Service Network Gets $30M in Series A Funding

Funding will go towards furthering innovation of its hardware products, providing new services for decentralized finance solutions, and expanding its enterprise capabilities.

See also: Developer of China’s Blockchain-Based Service Network Gets $30M in Series A Funding

Ledger’s previous raises came by way of a $7 million Series A funding round in 2017 and a further $75 million via a Series B in 2018.

10T Holdings was launched as a $200 million fund by investor and entrepreneur Dan Tapiero earlier this year in a bid to capture new capital from institutional investors.

Related: NYDIG, Stone Ridge Lead $25M Funding Round for Unchained Capital

“We believe Ledger is the premier security company and premier brand name in the cryptocurrency/blockchain space,” said Tapiero who simultaneously announced in the release that he would be joining Ledger’s board.

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