Ledger (Crypto-Winter Down Round)
Paris crypto-hardware unicorn Ledger reached $1.5B valuation in 2021, then conducted layoffs and reportedly accepted significant valuation markdowns through 2023-2024.
2014 → 2024
$575M
Crypto/Hardware Wallets
France
Full Analysis
Paris-based Ledger was France's most prominent crypto unicorn, valued at $1.5B after raising $380M in 2021. The 2022-23 crypto winter and the 2023 controversy over its 'Recover' service hurt brand and demand. Ledger conducted layoff rounds and was reported in late 2024 to be raising at significantly reduced valuations. While the company remains operational, primary investor value has been substantially impaired.
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