Crypto hardware wallet maker Ballet has raised $13 million of venture capital in a Series A round. The financing will allow Ballet to scale up its product development and business operations. This development comes at a time when global demand for user-friendly crypto storage solutions is higher than ever. The round was led by Lightspeed China Partners and Draper Dragon, along with investment from Ribbit Capital, ACTAI Ventures, Digital Currency Group, and Sky9 Capital.
According to Ballet founder and CEO Bobby Lee, the funding marks the beginning of a new phase in the company’s development: “I’m proud of what our team has accomplished in the past 3 years. We have invented an entirely new, patented approach to crypto cold storage and built our own proprietary manufacturing process with safety as the highest priority. Our innovative REAL Series wallet has already started to gain traction, and there is still so much more room for growth. This Series A funding round is a validation of our vision and, more importantly, our ability to execute in a very competitive industry where there is zero margin for error.”
Lee founded Ballet in 2019 to address the lack of self-custodial crypto storage that is user-friendly and suitable for ordinary, non-technical people. Based on his years of experience in the industry, he recognized the need for a crypto wallet that was much easier than existing cold storage products; ideally a product that was both safe from electronic hacking and preventable user error.
Though still a young and lean operation, Ballet has already attracted attention and endorsements from industry leaders and watchers. Herry Han of Lightspeed China Partners has praised the company, saying “Bobby Lee’s decade-plus track record as a successful entrepreneur and executive in the crypto industry gives us confidence that Ballet can become a major player in the hardware wallet market.”
Richard Wang of Draper Dragon asserts, “Ballet’s innovative cold storage wallet is an ingenious solution to the hard problem of crypto security for mainstream users. Most hardware wallets are overly complicated, but the simple, elegant user experience of a Ballet wallet finally makes crypto accessible to everyone.”
Ballet is a crypto hardware wallet maker based in Las Vegas, Nevada. The company was founded in 2019 by its CEO, Bobby Lee, along with an international team of crypto industry veterans.
Bobby Lee has been a leading entrepreneur and expert in the crypto industry since 2011. He is the author of the Wall Street Journal bestseller The Promise of Bitcoin. Prior to founding Ballet, Lee was the CEO and co-founder of the first Bitcoin exchange established in China, BTC China (later renamed BTCC). Under his management from 2013 to 2018, the exchange maintained a spotless security track record, which so many other major exchanges have failed to do. BTCC was subsequently acquired in 2018 by a Hong Kong investment firm.
Following Lee’s successful tenure as CEO of BTCC, he set out to create a crypto asset storage solution for the mainstream market. The groundbreaking solution was the REAL Series crypto wallet – a physical crypto storage device without any electronic components. The wallet is built on industry standards and open-source technology, and can simultaneously store 100+ different crypto assets and 50+ NFT collections. This innovative crypto wallet has already been awarded 6 U.S. patents. It was designed to provide the ideal balance of security and convenience, with the ultimate aim to enable global mass adoption of Bitcoin, crypto, and NFTs.
Ballet wallets are trusted by users from more than 90 countries, holding an aggregate total of more than $400 million worth of crypto assets. Since the REAL Series wallet was launched in 2019, Ballet wallets have had no security breaches and no customer loss of funds. With each passing year, Ballet’s patented security model earns more trust from users, growing its reputation as one of the safest and most reliable cold storage solutions in the market.