Venture capital firm Draper Esprit just boosted its share price by investing in a bitcoin cryptocurrency startup

Lucy White
Ledger has sold more than one million cryptocurrency hardware wallets across 165 countries (Source: Ledger)

London-listed venture capital firm Draper Esprit has seen its share price jump this morning, as it announced an investment in cryptocurrency business Ledger.

The $75m (£56m) series B round, of which Draper provided £18m, is the largest European venture capital funding round in a blockchain or cryptocurrency-focused business to date.

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Ledger, which is based across Paris and San Francisco, was launched in 2014 and is already profitable. It creates blockchain-based "wallets" to help keep cryptocurrencies such as bitcoin, ethereum, ripple and litecoin safe online.

“Blockchain, as evidenced by crypto assets, is a truly revolutionary technology," said Draper Esprit's chief executive Simon Cook.

"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."

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Ledger said it will use the funding to significantly invest in research and development and expansion. It is already launching a new financial institutions product called the Ledger Vault, which will allow hedge funds, banks and family offices to manage their crypto assets.

FirstMark Capital, Cathay Innovation, and Korelya Capital also participated in the funding round, along with existing investors CapHorn Invest, GDTRE and Digital Currency Group.

Draper's share price had risen more than 9.14 per cent at the time of writing.

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