Having raised a mammoth $380 million funding at a $1.5 billion valuation in June, French cryptocurrency {hardware} pockets maker Ledger is seeking to increase an additional $100 million, in line with a Monday report from Bloomberg.

In June, Ledger raised $380 million in a funding spherical led by 10T Holdings. Now, in line with experiences, the corporate is searching for a further $100 million to assist it proceed its fast enlargement. Enterprise is alleged to be thriving as buyers search chilly storage for his or her cryptocurrency, in line with sources quoted by Bloomberg.

{Hardware} storage wallets from Ledger are a sort of offline storage that is not linked to the web, making them safer towards hacking than on-line wallets. This enables customers to handle their very own cryptocurrency with out worrying about their supplier’s liquidity.

The corporate’s merchandise have been fashionable in recent times as buyers search to guard their digital property from the hacks and liquidity issues which have plagued the cryptocurrency business just lately. Ledger’s enterprise is reportedly increasing at a time when lenders and exchanges are experiencing liquidity issues, in line with Bloomberg’s supply.

Cryptocurrency companies in misery often cease shopper withdrawals to keep away from a financial institution run. Singapore’s Zipmex is the newest instance, however lenders together with Vauld and Celsius have each utilized the method just lately, with the latter submitting for chapter shortly after. Such issues have pushed demand for {hardware} wallets as a strategy to retailer digital property offline and away from the potential liquidity points.

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Whereas Ledger is alleged to be searching for extra funding, the corporate has not commented on the experiences. The {hardware} pockets supplier is among the most well-funded firms within the cryptocurrency business, and its merchandise are a number of the hottest available on the market. The pockets supplier has additionally prolonged into crypto debit playing cards. The Crypto Life (CL) card was launched on the Visa community final December and immediately crypto into fiat from a protected pockets when used to pay retailers.