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Ledger raises $7M to accelerate worldwide adoption of security solutions

March 31, 2017 - Bitcoin, Blockchain
Ledger raises $7M to accelerate worldwide adoption of security solutions

 

Eric Larchevêque is Co-Founder and CEO of Ledger. A Serial entrepreneur since 1996, Eric founded several companies in Europe. He got interested in Bitcoin in 2013 and launched La Maison du Bitcoin — a French Bitcoin center in Paris, before co-founding Ledger.

 

The cryptocurrency and blockchain security pioneer Ledger has secured a $7M Series A funding led by MAIF Avenir, with the participation of Xange, Wicklow Capital, GDTRE, Libertus Capital, Digital Currency Group, The Whittemore Collection, Kima Ventures, BHB Network and Nicolas Pinto. This latest investment follows a $1.5M round in 2015 and brings the total funding to $8.5M, one of the biggest blockchain related start-up funding to date in Europe.

Ledger’s competitive edge is its technology: a low-footprint crypto-embedded operating system built for Secure Elements and Secure Enclaves which enables full orchestration of code and systems directly from the secure core. Ledger designs a line of products for the cryptocurrency and blockchain market: hardware wallets for consumers, server appliances for enterprise and embedded solutions for connected objects.

The company’s flagship products are the Ledger Nano S and the Ledger Blue, hardware wallets securing cryptocurrencies and digital identities. With more than 50,000 units sold in 130 countries, Ledger demonstrated the quality of its technology as well as its capacity to address a global consumer market.

Next for 2017 is the launch of enterprise grade cryptocurrency security solutions(multi-signature, multi-currency, time locked payments…), targeting marketplaces, hedge funds and financial institutions.

Ledger is also capitalizing on industrial blockchain use cases with the long term objective to licence its hardware oracle technology to top players of the smart grid, supply chain and IoT security field.

Eric Larchevêque, CEO of Ledger

Jean-Marc Willmann, Deputy General Director, MAIF

Cyril Bertrand, Managing Partner at XAnge

Barry Silbert, Founder and CEO of Digital Currency Group

Gabriele Domenichini, Head of Venture at BHB Network

Pamir Gelenbe, Managing Partner, Libertus Capital

The new funding will be used to develop the sales, marketing, engineering and support teams through the recruitment of 20 new collaborators. It will help accelerate the launch of a new enterprise security product for cryptocurrencies, opening new lines of revenues for Ledger.

Jean-Marc Willmann from MAIF joins Ledger’s Board of Directors, alongside Eric Larchevêque (CEO), Nicolas Bacca (CTO), Joël Pobeda (COO), Cyril Bertrand (Xange), Pascal Gauthier (Ex COO at Criteo and Venture Partner at Mosaic Ventures) and Frédéric Potter (CEO Netatmo).

Announcing what’s next in Ledger’s roadmap: enterprise vault

Ledger Vault

Ledger Vault Saas interface (Q3 2017)

Secure cold storage of large multi-cryptocurrency funds is a difficult and complex challenge, where hardware wallets alone may not be sufficient.

Ledger introduces an enterprise grade cold storage solution based on HSM (Hardware Security Module) and hardware authenticators. It is a turnkey SaaS hardware/software suite enabling multi-currency, multi-signature, rate limiting and time locking. The solution is fully trustless, with emergency recovery procedures available even in the case of force majeure.

There is no limit on the number of segregated accounts and cryptocurrencies managed by one entity. Each account has its own set of rules, enforced by hardware devices. For instance: a payment request must be approved by 2 administrators of a total of 3, and will be executed only after a lockup time of 72 hours (time oracle). This kind of security level reduces to the minimum the risk of internal theft as well as external physical threats (hostage situation).

Custodian service (management of one or many keys by Ledger) will also be available.

This new enterprise product launch is scheduled for Q3 2017.

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