Singapore-based technology equity Venture Capital firm True Global Ventures (TGV) has invested over $24 million into Ledger, the France-based platform for digital assets and Web3.

This funding will enable Ledger to further its global ambitions and accelerate its drive to becoming a truly desirable consumer technology brand, TGV said in a statement.

According to the statement, this Series C extension round maintains the same valuation of €1.3 billion ($1.41 billion) for Ledger.

The valuation reflects confidence from investors in Ledger despite macroeconomic and industry-specific headwinds.

The funding is backed by a number of existing and new investors, including True Global Ventures, 10T and Molten Ventures (formerly Draper Esprit) who are members and observers of the Supervisory Board.

FirstMark Capital from previous rounds is also an observer of the Supervisory Board.

Ledger currently secures more than 20 percent of the world’s cryptocurrencies and over 30 percent of the world’s non-fungibNFTs.

In December, the company announced its latest device, Ledger Stax, with a unique design from Ledger adviser Tony Fadell, builder of the iPod, iPhone, and co-founder of Nest.

TGV came out with the 5 Web3 megatrends for 2023, which were very well received by the global investor community.

Within one of the Megatrends, TGV believes that the 3 decentralization winners for 2023 are: Self-custody, Bitcoin, DeFi.

TGV Founding Partner Dušan Stojanović said the fund believes that Ledger will play a critical role for the foreseeable future, both on retail self-custody as well as on the enterprise-institutional side.

According to him, there are three reasons for its belief. Firstly, during the last nine months, he has seen major crashes with Terra-LUNA and FTX, and in both instances, there has been a ‘flight to secure’ assets safely.

“Secondly, now with three United States and one European bank being closed and saved either by regulators or competitors, there has been a ‘flight to Bitcoin’, attracting new flows where users need to have a secure solution, when increasing their exposure to Bitcoin,” he explained.

Thirdly, he said this is the fourth company that the firm has invested into that has become or is a global market leader, which it believes will benefit from a general bear market.

Meanwhile, Ledger Chairman and Chief Executive Officer Pascal Gauthier said 2022 was a standout year for Ledger, culminating in the launch of Ledger Stax at Ledger Op3n in Paris.

According to the statement, Ledger’s product offerings include crypto wallet Ledger Nano X and hardware wallets Ledger Nano S Plus, secure omnichain digital asset app Ledger Live, and enterprise-grade digital assets security solution Ledger Enterprise Solutions.

Ledger recently crossed six million device sales, with more than 1.5 million monthly users on Ledger Live.

The company has managed to infiltrate mainstream culture through partnerships with fashion brands Fendi and Hublot, and further establish its role as a leader in Web3 through partnerships with brands such as VeeFriends and Nike’s RTFKT.

Ledger has also partnered with TGV’ portfolio company, the open metaverse platform The Sandbox.

The “School of Block” education experience in the LedgerVerse was launched with over 300,000 unique visitors and 4.6 million quests completed during the Alpha Season 3 period in September 2022. It focuses on educating users on securing their digital assets while making the process fun.

This partnership has now deepened into The Sandbox offering security stack and treasury management solutions while having seamless security integration for its brand partners, powered by Ledger Enterprise to safeguard businesses’ digital assets.

According to the statement, this latest fundraising round will allow Ledger to realize its ambitious expansion plans including Ledger Stax and future hardware innovations.

Ledger recently announced that Ledger Stax demand had already exceeded supply, making it the most successful product launch in the company’s history.

Further inventory will be available for pre-order through drops later in Summer 2023.

Ledger also recently announced the launch of the Ledger Extension, a secure browser connection that makes it easier to use Ledger device with wallet-connected applications.

True Global Ventures invests a total of $38M in Hong Kong’s Animoca Brands