Bitcoin hardware wallets are going viral! Ledger receives $7 million in Series A funding led by insurance giant MAIF

Bitcoin hardware startup Ledger has completed a $7 million Series A funding round.

This round of financing was led by MAIF Avenir, a subsidiary of French insurance giant MAIF, and other participants included Xange, Wicklow Capital, GDTRE, Libertus Capital, Digital Currency Group (DGC), The Whittemore Collection, Kima Ventures, BHB Network and individual investor Nicolas Pinto.

Ledger, which makes hardware that allows users to store and control their cryptocurrency private keys, plans to use the new funding to expand into the enterprise market.
Notably, Ledger is also planning to open a new factory in China, which is expected to be launched in the coming months.

Ledger co-founder Eric Larchevêque told reporters:

"We are hoping that by May everything will be operational."

This new round of financing comes more than two years after Ledger received a 1.3 million euro seed round.

Ledger now plans to expand its enterprise market, with an eye on attracting more companies as clients.

Larchevêque said he hopes to have its first beta customer by the end of June. The startup is also looking to expand its product sales figures, with Ledger reportedly aiming to sell 100,000 hardware wallets this year.

Lead investor MAIF said that investing in the startup Ledger will help provide more confidence and security to cryptocurrency traders.