Ledger recently announced the results of a big fundraising round that has left the French company with another $75 million in Series B funding.
The company has seen their popularity soar thanks to the cryptocurrency mania that has been sweeping the world over the last several months. Their hardware digital currency wallets have been heralded for their security, and they sold about 1 million of them in 2017, a massive uptick from 30,000 in 2016.
The backlog of the wallets is so great that an order placed now for the Ledger Nano S would actually be delivered in March.
Ledger said the results of the funding round was a “significant milestone in our path to build a technological giant in the promising space of cryptocurrencies.”
The company noted that a variety of investors participated in the latest round of funding. These included entities like FirstMark Capital, Cathay Innovation, Korelya Capital, along with a number of already existing investors. The company netted about $7 million in a Series A round last year.
Ledger says the money is going towards increasing production in order to catch up on their large number of backorders. They also hope to launch a product that is dedicated to keeping virtual currency funds safe for large entities like banks or hedge funds.
This would build on the existing hardware wallets through the addition of features like time locks or multi signatures. The company also plans to direct the money towards further expansion of their operations across the globe.