Ledger, the company is known for its innovation in products that protect cryptocurrency, has received a massive multi-million dollar group backing in its Series A fundraiser. This is the greatest thing for the French startup since Bitcoin reached its maximum trade value of $1,186 in February this year.
The company sought funding from several investors who all pitched in to total the $7 million raised. Companies and individuals like Libertas Capital, Digital Currency Group, Kima Ventures and Nicolas Pinto were all part of the first fundraising effort. The hard work that Ledger has put into their efforts to secure cryptocurrency, and the subsequent funding they’ve found, mark them as one of the first in the new but growing, industry to gain such a high profile base.
What does Ledger do exactly?
For those of you who aren’t super familiar with cryptocurrency, or even Bitcoin, you may have never heard of Ledger, or even come remotely close to really needing their services. For the rest of us, they are like the new kid on the block that has an awesome Schwinn bike and his own landline in his bedroom. Ledger is the ‘cool kid.’
Ledger manufactures devices that can help you secure your own cryptocurrency – a digital currency in which you don’t necessarily need a central bank to access or use. Unlike other startups who use central banking to “secure” your Bitcoin an ethereum currencies, Ledger helps you do it all independently and with ease. By using the encrypted devices Ledger has designed and manufactured, you are given all of the decision-making responsibilities of when your digital currency is spent, how it’s spent, and more importantly, how it’s protected.
The security behind the technology Ledger uses is pretty astounding and definitely one-of-a-kind. Through the device’s security settings, the application you use can only access its individual memory. This means that not only can you access your own accounts without worrying about a lack of memory or space (which has been found in many systems used by central banks), but the system also blocks others from being able to retrieve any of your information.
The company’s system, from its hardware to it software, works a lot like our smartphones do when we use applications like Apple Pay or sign into our banking app using our fingerprint. The only difference is that Ledger works on a more independent platform, designed for one-user access.
How will Ledger change the cryptocurrency game?
Like any other company, especially any one in tech, Ledger is always looking for ways to improve its products, security, and customer satisfaction. With products like the Ledger Nano S, the company gives users a device that travels easily, encourages discretion, and increases security. Don’t be fooled by its size, the Nano S still has many walls of security built in – like the small display screen that makes the user put in their PIN number after every transaction.
For those of us who prefer larger handheld products, the company also has the Ledger Blue. This device has a larger touchscreen and works via USB or Bluetooth. High security is still no question, but the Ledger Blue gives the user the entire banking experience on one device rather than having to use two.
It will be exciting to see what Ledger does as far as innovation and implementation in the near (and not-so-near) future. By gaining investments from some of the best companies in the tech and cryptocurrency industries, the company definitely has a strong backing of support. How they’ll use it remains a mystery, but chances are whatever they do will be game-changing.