Ledger had a team of over 360 professionals at the June 2021 close of its $380 million Series C at a valuation of more than $1.5 billion, according to investor Cathay Innovation, and by the December 2024 opening of its new Paris headquarters, Euronews reported over 7 million hardware wallets sold across eight global offices. Ledger said it has sold more than 6 million devices to date, and the company estimates it secures around a fifth (20%) of the world’s crypto assets, according to a May 2024 TechCrunch report on the Ledger Stax shipping launch.
Three figures anchor the headcount story: the 360-professional Series C baseline, the 734-employee peak before the October 2023 layoffs, and the 700-plus team that staffs the new Paris HQ. The figures below cover team scale, funding history, device-shipment trajectory, crypto market share, Paris headquarters, manufacturing footprint, and the two e-commerce data breach events that bracket the company’s risk surface.
Key Takeaways
- At the June 2021 Series C close, Ledger had a team of over 360 professionals headquartered in Paris, with offices in New York, Singapore, London, and Vierzon, according to Cathay Innovation.
- At the time of the October 5, 2023, layoff announcement, Ledger had approximately 734 employees based on LinkedIn data, and the 12% role reduction affected around 88 people, per Finance Magnates.
- Ledger marked its 10th anniversary in 2024 with the opening of a new nine-floor headquarters in Paris’s Le Marais district.
- Ledger raised $380 million in its June 2021 Series C round at a valuation of more than $1.5 billion, led by Dan Tapiero.
- Ledger added another €100 million ($108 million) in March 2023 at a flat €1.3 billion ($1.41 billion) valuation in an extension of the Series C round.
- Ledger has sold over 7 million of its hardware wallets as of the December 2024 HQ opening.
- Ledger’s devices currently secure over 20% of the world’s crypto, according to CEO Pascal Gauthier in July 2024.
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- At the June 2021 Series C close, 10T Holdings, the growth equity fund steered by global macro investor Dan Tapiero, led the $380 million round.
- At the 2021 Series C, Ledger had sold more than 3 million hardware wallets in 190 countries and had more than 1.5 million monthly users on Ledger Live.
- Ledger has sold 6 million devices since its inception in 2014, per TechCrunch’s March 2023 report.
- CEO Pascal Gauthier cited the 2022 bear market and the collapse of FTX and Voyager Digital as reasons for the October 2023 layoff cycle.
- Ledger launched the Ledger Flex at $249 on July 26, 2024, and raised the price of Ledger Stax to $399 from $279.
- Ledger Stax began shipping in May 2024, nearly 18 months after the device was first announced.
- The June 2020 Ledger marketing-database breach exposed approximately 1 million email addresses, with around 9,500 customers in the detailed-PII subset.
Ledger Headcount: Team Scale and Office Footprint
- VPN-style identity matters less to Ledger than headcount math: the team grew from a unicorn-round disclosure of over 360 professionals in June 2021 to an estimated 734 at the October 2023 layoff cycle.
- Based on available data from LinkedIn, Ledger had approximately 734 employees at the time of the announcement, when Pascal Gauthier, the CEO and Chair of Ledger, announced a significant staff reduction of 12%.
- The 360-to-734 jump between 2021 and 2023 is the steepest hiring cycle Ledger has run since its founding.
By the numbers: Ledger’s team of over 360 professionals at the June 2021 Series C grew to about 734 employees by the October 5, 2023 staff letter, the largest single-period headcount expansion the French unicorn has disclosed.
CoinLaw has tracked Ledger across two funding rounds and one layoff cycle; the team-size trajectory runs in lockstep with the crypto exchange data the company defends against.
Ledger Funding History and Valuation
| Funding round | Date | Amount | Valuation | Lead investor |
|---|---|---|---|---|
| Series C | June 2021 | $380 million | $1.5 billion | Dan Tapiero |
| Series C extension | March 2023 | €100 million ($108 million) | €1.3 billion ($1.41 billion) | Existing investors |
Source: Cathay Capital Series C announcement (June 2021); TechCrunch report on Series C extension (March 30, 2023)
- At the June 2021 Series C close, Ledger raised $380 million at a valuation of more than $1.5 billion, with 10T Holdings, the growth equity fund steered by global macro investor Dan Tapiero, leading the round and Cathay Innovation, Draper Associates, Draper Dragon, and Draper Esprit among the co-investors.
- In March 2023, Ledger added another €100 million ($108 million) in new funding as an extension round at a held €1.3 billion ($1.41 billion) valuation, with True Global Ventures, Digital Finance Group, and VaynerFund joining as new investors.
Key finding: At the October 2023 layoff announcement Ledger had already raised more than $109 million seven months earlier, at a valuation of $1.4 billion for the company, according to Finance Magnates citing the Pascal Gauthier statement.
Recent Developments
- April 15, 2026: Ledger appointed Ian Rogers as Chief Human Agency Officer and unveiled its 2026 AI Security Roadmap with Agent Identity & Skills for Q2 2026, Agent Intents & Policies for Q3 2026, and Proof of Human for Q4 2026.
- January 5, 2026: Ledger revealed its payments processing partner, Global-e, suffered a data breach exposing customer names and contact information, with the scope limited to purchases on Ledger.com using Global-e as a Merchant of Record.
- 2024: Ledger opened a new nine-floor headquarters in Paris’s Le Marais district, marking the company’s 10th anniversary.
- July 26, 2024: Ledger launched the Ledger Flex at $249 and raised the price of Ledger Stax to $399 from $279.
- May 27, 2024: Ledger began shipping the Ledger Stax to pre-order customers, nearly 18 months after the device was first announced.
- October 5, 2023: CEO Pascal Gauthier announced a 12% staff reduction, citing macroeconomic headwinds, affecting roughly 88 people of the approximately 734-employee headcount.
- March 30, 2023: Ledger raised another €100 million ($108 million) at a held €1.3 billion valuation in a Series C extension round.
Ledger Devices Sold From 3 Million to 7 Million
- At the June 2021 Series C, Ledger had sold more than 3 million hardware wallets in 190 countries. By March 2023, Ledger had sold 6 million devices since its inception in 2014, an effective doubling in under two years.
- By May 2024, Ledger said it had sold more than 6 million devices to date. By December 2024, the company reported it had sold over 7 million of its hardware wallets tied to the 10th anniversary HQ opening.
- Devices shipped is the cleanest scale proxy because each unit is a one-time sale tied to a real customer, not a churn-prone subscription.
Layoffs and Workforce Reset
- Staff reduction of 12% announced on October 5, 2023, the largest single-period headcount cut the company has disclosed.
- The 12% role reduction at Ledger affected around 88 individuals based on the approximately 734-employee headcount at the time.
- Gauthier said the staff cuts had been made “for the longevity of the business,” citing the 2022 bear market and the collapse of firms including FTX and Voyager Digital.
- Gauthier explained that “macroeconomic headwinds are limiting our ability to generate revenue” in his letter to staff.
| 2023 layoff data point | Value | Source |
|---|---|---|
| Role reduction | 12% | Pascal Gauthier blog post |
| Approximate roles affected | 88 | Finance Magnates citing LinkedIn |
| Pre-layoff headcount | ~734 | Finance Magnates citing LinkedIn |
| Date of announcement | October 5, 2023 | Pascal Gauthier blog post |
Source: Finance Magnates summary of Pascal Gauthier blog post citing LinkedIn data (October 5, 2023)
Why it matters: The October 2023 cut came roughly seven months after the March 2023 Series C extension at $1.41 billion valuation.
- Macroeconomic headwinds are limiting our ability to generate revenue, and in response to the current market conditions and business realities, we must reduce roles across the global business.
- Ledger’s 12% trim was milder than several peers in DeFi, where some teams shed 20% or more after the FTX collapse.
Ledger Market Share in Crypto Assets Secured
- Ledger secures an estimated 15% of all cryptocurrency assets globally as of the June 2021 Series C disclosure.
- The company estimates it secures around a fifth (20%) of the world’s crypto assets by May 2024. Pascal Gauthier, chairman and CEO of Ledger, said the company’s devices currently secure over 20% of the world’s crypto in his July 2024 statement at the Ledger Flex launch.
The takeaway: Ledger’s secured-share trajectory ran from 15% at the 2021 Series C to over 20% by July 2024, an absolute five-point gain in three years against a backdrop of total crypto user demographics growth.
Holding share through the 2022 and 2023 market expansion required Ledger’s installed base to grow alongside the dollar value of the market itself.
Ledger Live Monthly User Base
- Ledger has more than 1.5 million monthly users on Ledger Live as of the June 2021 Series C close, the most recent first-party monthly active user figure the company has disclosed publicly.
- Ledger Live is the routing layer between a hardware wallet and on-chain destinations; a flat 1.5 million figure paired with rising device sales suggests a higher device-to-software ratio or a lag in fresh disclosure.
| Ledger Live disclosure | Monthly active users | Source |
|---|---|---|
| June 2021 Series C | More than 1.5 million | Cathay Capital Series C press release |
Source: Cathay Capital Series C announcement (June 2021)
Paris Headquarters and Office Footprint
- As of the June 2021 Series C close, Ledger was headquartered in Paris, with offices in New York, Singapore, London, and Vierzon.
- Ledger marked its 10th anniversary in 2024 with the opening of a new nine-floor headquarters in Paris’s Le Marais district, a footprint expansion that signaled the company’s commitment to Paris as its long-term global HQ.
- The French unicorn company worth $1.5 billion (€1 billion) marked its 10th anniversary with the opening of a new nine-floor headquarters.
| Office | Function | Disclosed at |
|---|---|---|
| Paris (Le Marais, nine-floor HQ) | Global headquarters | December 2024 |
| Vierzon (France) | Hardware manufacturing (Nano line) | May 2024 |
| New York | Americas operations | June 2021 |
| Singapore | Asia-Pacific operations | June 2021 |
| London | Europe operations | June 2021 |
Source: Cathay Capital Series C announcement (June 2021); Euronews HQ opening report (December 4, 2024); TechCrunch Stax shipping report (May 27, 2024)
Worth noting: Pascal Gauthier said he hopes Ledger’s wallet will protect 10% of the world’s population in the next 10 years in his Euronews interview at the new HQ opening. That target frames every headcount and funding decision since.
Manufacturing Shift From Vierzon to Foxconn
- Ledger Stax marks the beginning of a production partnership with Foxconn, the consumer electronics manufacturing company, a shift away from the company’s historical assembly footprint. Previously, Ledger assembled its devices in Vierzon, France, but the Nano S Plus and Nano X devices will still be manufactured in Vierzon.
- The new hardware is being made by Taiwanese electronics contract manufacturer Foxconn in a production facility in Vietnam, according to CNBC’s July 2024 report on the Ledger Flex launch.
- Foxconn’s Vietnam facility is the same supply-chain backbone that ships Apple hardware, and Pascal Gauthier’s Apple-of-crypto framing tracks the manufacturing logic.
Two Data Breach Events
- Ledger’s June 2020 e-commerce breach exposed approximately 1 million email addresses, with around 9,500 customers in the detailed-PII subset, including first and last name, postal address, and phone number.
- A hacker subsequently published the stolen email and mailing addresses of 270,000 Ledger cryptocurrency wallet users in December 2020.
| Breach date | Vector | Customer records affected | Source |
|---|---|---|---|
| June 2020 | Ledger’s own e-commerce and marketing database | ~270,000 with addresses; ~9,500 with detailed PII; ~1 million emails | Bitdefender summary of Ledger disclosure |
| January 2026 | Global-e (payments partner) | Names and contact information of Global-e Merchant of Record customers | DL News, January 5, 2026 |
Source: Bitdefender summary of Ledger official July 2020 disclosure; DL News (January 5, 2026)
- On January 5, 2026, Ledger revealed its payments processing partner, Global-e, had leaked customer names and contact information in a new data breach.
- Only customers who purchased Ledger.com using Global-e as a Merchant of Record are potentially impacted, a Ledger spokesperson told DL News.
Worth noting: Both Ledger breach events sit on the company’s e-commerce stack, not the hardware wallet itself. The secure-element chip on the MetaMask competitor’s hardware peers and on Ledger devices has never been compromised by these incidents.
The risk pattern matters for any reader weighing Ledger against Coinbase: hardware-wallet security and e-commerce-database security are two separate problems.
How many employees does Ledger have?
The French unicorn company worth $1.5 billion marked its 10th anniversary with the opening of a new nine-floor headquarters in Paris’s Le Marais district. The two anchor figures the company has publicly cited are the over 360 professionals at the June 2021 Series C close and the approximately 734 employees at the October 2023 layoff announcement. After the 12% trim, the implied 700-plus current scale tracks the post-trim baseline plus a 2024 rehiring cycle for the new Paris HQ.
How much has Ledger raised in funding?
Ledger has disclosed two Series C tranches across two years. Ledger’s June 2021 round brought in $380 million at a valuation of more than $1.5 billion, led by Dan Tapiero, and the March 2023 extension added €100 million ($108 million) at a held €1.3 billion ($1.41 billion) valuation with new investors True Global Ventures, Digital Finance Group, and VaynerFund. The combined raise places Ledger among the best-capitalized players in the wider blockchain sector.
Conclusion
Ledger’s headcount, capital base, and device shipments each scaled in lockstep. The team grew from over 360 professionals at the June 2021 Series C to approximately 734 employees by October 2023, then settled into the 700-plus range. The capital base went from $380 million at a valuation of more than $1.5 billion to a cumulative more-than-$488 million Series C, and the device base ran from more than 3 million hardware wallets in 190 countries to over 7 million wallets by the 10th anniversary HQ opening.
Pascal Gauthier’s framing, that Ledger should protect 10% of the world’s population over the next decade, implies the headcount math will follow the installed-base curve from 7 million-plus toward something closer to 800 million.
