True Global Ventures invests over $24 million in Ledger, supporting the company’s global expansion and drive to become a leading consumer technology brand.
True Global Ventures (TGV) has invested over $24 million in Ledger, the world’s leading digital assets and Web3 platform, enabling the company to pursue its global ambitions and enhance its position as a top consumer technology brand. The Series C extension round sees the company maintain its €1.3 billion valuation, reflecting investors’ confidence in Ledger despite macroeconomic and industry challenges.
Ledger currently secures over 20% of global cryptocurrencies and more than 30% of the world’s NFTs. The company announced its latest device, Ledger Stax, in December, featuring a unique design by Tony Fadell, the builder of the iPod and iPhone and co-founder of Nest. TGV has identified self-custody, Bitcoin, and DeFi as the three decentralization winners for 2023, aligning with its 5 Web3 megatrends for the year.
Institutional custodians, investment advisers, and traditional finance firms are accelerating their collaboration with Ledger to leverage its best-in-class enterprise security solutions. This includes Komainu, a hybrid custodian solution established as a joint venture between Nomura and Ledger, and Coinhouse, a leading French regulated exchange and TGV portfolio company, which offers Ledger Enterprise as a custodian solution for its clients.
Ledger’s product offerings include the Ledger Nano X and Ledger Nano S Plus hardware wallets, Ledger Live digital asset app, and Ledger Enterprise Solutions. The company recently surpassed six million device sales, with over 1.5 million monthly users on Ledger Live. Ledger has also infiltrated mainstream culture through partnerships with fashion brands Fendi and Hublot and Web3 leaders such as VeeFriends and Nike’s RTFKT.
In September 2022, Ledger partnered with TGV portfolio company The Sandbox, an Open Metaverse platform, to launch the “School of Block” educational experience in the LedgerVerse. The initiative has attracted over 300,000 unique visitors and completed 4.6 million quests during the Alpha Season 3 period. The Sandbox now offers security stack and treasury management solutions powered by Ledger Enterprise to safeguard businesses’ digital assets.
The latest fundraising round will support Ledger’s ambitious expansion plans, including Ledger Stax and future hardware innovations. The company aims to make onboarding and user experience more accessible in the world of Bitcoin and wallet-connected apps, offering best-in-class services such as buying, swapping, and exploring NFTs.
Ledger Stax demand has already exceeded supply, making it the company’s most successful product launch ever. Additional inventory will be available for pre-order through drops later in Summer 2023. The Ledger Extension, a secure browser connection for Ledger devices with Wallet-Connected Applications (Web3), was also recently announced by the company.
