Hardware wallet maker Ledger is seeking an additional $100 million following its mammoth $380 million Series C round last year, Bloomberg reported on Monday.

The fresh funding will give the firm a higher valuation than the $1.5 billion it commanded in June 2021, according to the report which cited people familiar with the talks.

Ledger’s plans suggest that despite the onset of depressed conditions in the crypto market in recent months, there are areas of the industry for whom the immediate outlook looks positive, such as in hardware wallets.

With crypto firms such as exchanges beset by liquidity problems causing them to take steps such as suspending customer withdrawals, more users could be looking to store their crypto themselves on a hardware wallet. “Not your keys, not your coins,” is a common warning fired at those who keep their crypto on an exchange.

Ledger has 4 million customers to date, according to its website.

The firm did not immediately respond to CoinDesk’s request for comment.

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