The world’s first cryptocurrency, Bitcoin [BTC], debuted in 2009. Although widely available to everyone, very few people have used it. Since its underlying technology and operations were more complex than fiat, several people shunned it. There is no doubt that over time this has evolved.
Many people started offering goods and services that would make it easier to trade the asset. Ledger entered the market and completely changed the way cryptocurrencies are stored. The company now seems to be looking for new investments to improve its hardware wallets.
According to a recent Bloomberg report, Ledger, a maker of hardware wallets, was hoping to raise $100 million. The company only managed to raise $380 million in a Series C fundraising round last year. The valuation of the platform has thus increased to 1.5 billion dollars.
Various assets including Bitcoin, Ethereum [ETH]XRP, Bitcoin Cash [BCH]Stellar [XLM], EOS and ERC20, are supported by Ledger. The company’s hardware wallet, which allowed customers to store their cryptocurrency on a physical device, served as cold storage. The platform just issued an additional 100 Cardano coins on its platform last week.
Another good news for the @Cardano community – we are integrating 100 additional Cardano tokens into Ledger Live! $WMT, $DANA, $ADAX and more are all available to be managed from the security of Ledger Live + your Nano.
— Ledger (@Ledger) July 28, 2022
Many people have also questioned the rationale for keeping its virtual assets offline. However, this provided an advantage to holders as they no longer had to worry about the liquidity effects of their various providers.
Ever since the bears took over, the crypto-verse has been a mess. Many companies have collapsed in the past few months, including TerraForm Labs [TFL], Celsius, Vauld, Three Arrows Capital and others. Platforms have been observed laying low during this bad market. Ledger doesn’t seem to be affected.
It should be pointed out that the collapse of the aforementioned companies shocked the entire cryptocurrency industry. Customers have further been forced to turn to self-custody options rather than entrusting their cryptocurrency to centralized entities. Ledger does not depend on other sources, it should be clarified.
However, it is expected that these wallets will also come under the increasing scrutiny currently facing the crypto space.
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