France-based crypto hardware wallet maker Ledger is gearing towards an additional $100 million of capital injection, following the previously secured $380 million of funding to hit $1.5 billion in valuation. 

Specifically, In June, Ledger reportedly managed to acquire $380 million via fundraising led by 10T Holdings. Now, as revealed through reports, the firm is planning to reel in an extra $100 million to assist with its rapid expansion efforts. 

Business is reportedly claimed to be going up nicely, with investors sharing interests in cold storage for their cryptocurrency, according to sources quoted by Bloomberg.

Hardware storage wallets from Ledger reportedly function as a kind of offline storage which is not linked to the internet, consequently offering an enhanced level of security against hacking compared to online wallets. 

This reportedly makes it possible for users to manage their own cryptocurrency without having concerns about their provider’s liquidity.

The firm’s offerings have been gathering popularity in the past years, with investors looking for a way to provide safeguarding to their digital assets against hacks and liquidity issues, which have been wreaking havoc across the crypto sphere recently. 

Ledger is reportedly putting in the work to widen the scope of its business during a time when lenders and exchanges are undergoing liquidity concerns, according to Bloomberg’s source.

Cryptocurrency establishments that are encountering problems have a tendency of halting client withdrawals to avoid a bank run. Singapore’s Zipmex is the most recent instance, but lenders including Vauld and Celsius have both utilized the technique recently, with the latter filing for bankruptcy shortly after. 

That kind of problem has reportedly been the driving factor for the demand for hardware wallets, as a storage measure for crypto assets offline and away from the potential liquidity issues.