Ledger, a leading hardware wallet provider, is in talks to secure over $100 million in funding. Ledger provides cold storage for cryptocurrency investors who want to store their digital assets offline on physical devices.
Ledger plans to raise $100M in funding
A report by Bloomberg cited people familiar with the matter, who said that the business operations of Ledger had increased after crypto lenders and exchanges faced liquidity issues because of the decline in cryptocurrency prices.
Over the past few months, several platforms such as Celsius, CoinFLEX, BlockFi, Babel Finance, and Voyager Digital have halted withdrawals because of liquidity issues. The concerns of more firms failing as the crypto winter persists have led to more crypto investors turning towards self-custody wallets instead of holding their funds on exchanges.
The recent talks by Ledger to secure the $100 million in funding come after the company secured $380 million in a Series C funding round in June. The valuation raised Ledger’s valuation to $1.5 billion.
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Ledger has significantly expanded its operations over the past year. These efforts include launching crypto debit cards, with the Crypto Life card released on the Visa network in December 2021. The Crypto Life Card automatically converts cryptocurrencies into fiat through a secured wallet.
Regulatory framework for crypto wallets
The regulatory climate for crypto wallets has changed significantly over the past year. In recent months, a debate has intensified on whether self-custody wallets like the ones offered by Ledger should comply with Know-Your-Customer standards.
Earlier this year, lawmakers in the European Union passed proposals calling for new regulations prohibiting anonymous cryptocurrency transactions. The EU parliament recommended that providers of crypto services collect the identity details of users that transact more than 1000 euros through unhosted wallets.
However, the United Kingdom has not shared the same regulatory concerns. In June, the UK government got rid of any plans to impose KYC requirements on unhosted wallets after consulting with experts in the field.
At the time, those opposing the proposals said imposing these requirements would have more negative than positive effects. At the time, the UK Treasury said that instead of mandating the collection of all KYC details, crypto asset companies would only be required to collect this information if the transactions are at risk of illegal activities.
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