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This morning, Draper Esprit, a London-listed venture capital firm, has observed an increase in its share price, as the company announced an investment in a cryptocurrency business Ledger.
The series B round amounting to $75m (£56m), of which Draper offered £18m, is the biggest European venture capital funding round in a cryptocurrency-focused business or blockchain to date.
Ledger is based in San Francisco, and Paris was launched in 2014 and is already profitable. The company creates “wallets” that are based in blockchain to help keep cryptocurrencies including bitcoin, ripple, litecoin, and ethereum safe online.
Simon Cook, the chief executive o Draper Esprit, said: “Blockchain, as evidenced by crypto assets, is a truly revolutionary technology.
“Security will be paramount to its success, and we believe that Ledger has built the world’s best security platform to manage private keys for all blockchain and crypto asset applications.”
Ledger said that it would make use of the funding to significantly invest in research and development and expansion. The company is already launching a new financial institutions product that is called the Ledger Vault, which will enable banks, hedge funds, and family offices to manage their crypto assets.
Cathay Innovation, Korelya Capital, and FirstMark Capital also participated in the said funding round, along with existing investors GDTRE, Digital Currency Group, and CapHorn Invest.
The share price of Draper had risen by more than 9.14 percent at around 11 am this morning.