There is one startup that is flying high and taking advantage of the big bang of cryptocurrency and blockchain technology. It’s Ledger. The young company settled in Vierzon convinced onlookers at the CES (Consumer Electronic Show): it is already profitable and has raised 60 millions Euros to continue its development. Could this be the next unicorn?
The booming market of cryptocurrencies and Bitcoin in gaining ground in the tech world. Some companies just try to take advantage of the trend but others offer really convenient tools. Tools that are well thought out and stick to the evolutions of blockchain technologies.
Nano S, a safe for your cryptocurrencies
Ledger, a French startup from Vierzon in the Cher, is one of those. It was founded in 2014 by Eric Larchevêque, creator of “La Maison du Bitcoin“, together with other entrepreneurs. The company is now close to a hundred employees including Euronext veteran Jean-Michel Pailhon as the head of Strategy and Development.
Their stroke of genius? They developed a digital wallet in the form of a USB drive, to serve as a safe for Bitcoin and other cryptocurrencies. This wallet, the Nano S, addresses the only security crack in cryptocurrencies: if the blockchain cannot be cracked, the user’s access can be. Especially from his computer. Hence the idea to secure the wallet.
“Hey, I didn’t know they were French!”
The launch goal was 30 000 sales. But there have been more than a million sold – at 95€ a piece. The secured wallet has become a worldwide reference, well-known, valued and envied. So much than on their CES 2018 stand, one could often hear: “Hey, I didn’t know they were French!“
Ledger is already profitable. Paired to a promising technology, the growth perspectives seem endless. The company is recruiting like mad: “It’s not everyday that you see such growth in France” says a source close to the newest investors.
Fund raising and a goal: to become a blockchain technology giant
Ledger has just raised 60 millions Euros through leading investors such as Draper Esprit or the Chinese Fund Cathay Capital. “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.” said Simon Cook, CEO of Draper Esprit.
This money will support R&D, international expansion and upscaling. Eric Larchevêque does have high hopes for his golden nugget: “Just like Internet before it, blockchain is a new protocol that represents a new paradigm. New tech giants will rise including, we hope, Ledger”.
To break away from the Bitcoin uncertainties and secure the growth of this young company
Many projects will help the startup grow quickly. They put forward tech solutions that don’t all depend on the booming cryptocurrencies thus safeguarding the company’s growth should the Bitcoin rates plummet.
The young business has just launched the Ledger Vault, a professional solution, dedicated to financial institutions that need to manage their assets in cryptocurrencies. Partnerships have been made with big tech groups such as Intel or Gemalto “to develop high security feature of apps associated with cryptocurrencies”. Could this be a new beautiful French Tech story, promised to a great future?
[Translated by Lisa Korrigane from French article “Ledger, créateur d’un porte-monnaie pour crypto-monnaie, lève 60 millions d’euros“]