Ledger, one of the most popular cryptocurrency wallet makers, has raised $ 109 million in investment

French startup Ledger, which creates hardware wallets for storing digital assets, has raised $ 109 million in funding in a new investment round.

The company plans to use the new funding to expand its network of wallet distributors, increase production, and develop new products. The hardware wallet maker has recently started working with Fendi and Hublot brands, and introduced a new version of its hardware wallet designed by Tony Fadell, the creator of the iPod, iPhone, and co-founder of Nest.

Unlike digital wallets, Ledger cold wallets allow users to store their assets on a secure device. The company reported its best month of sales in November 2022, after the FTX crash.

Revenues from Ledger Live, the company’s app for buying and selling cryptocurrencies, increased by 200% over the year. Ledger representatives said that more than 20% of the world’s cryptocurrencies and 30% of non-fungible tokens are currently stored on wallets produced by them.