Samsung has decided to invest $2.9 million in the cryptocurrency hardware wallet manufacturer Ledger. The investment amounted €2.6 million and it gives a valuation of €260 million to the company. The information was released by French business magazine Capital a few days ago.
Samsung Invests In Ledger
Ledger is known for being one of the most popular crypto hardware wallet manufacturers in the market. A spokesperson for the company informed that Samsung backed the crypto-related company. Nonetheless, they couldn’t provide more information about the deal.
This is not the first time that Ledger receives funds from investors. In the past, the company gathered $7 million in a Series A funding round in 2017. Later in 2018, the firm raised $75 million in a Series B funding round as well.
The previous CEO and co-founder of the company, Éric Larchevêque, explained that the company received this large investment from Samsung. He wrote on Twitter that smartphones will also be playing an important role in the revolution of crypto based on personal sovereignty accessible to all.
Ledger has released to the market one of the most popular hardware wallets ever created, the Ledger Nano S. With it, users can be sure that their digital assets are protected at all times and that nobody will have access to them. At the same time, users can easily send and receive funds directly from their hardware wallet.
Some time ago, Ledger released the new Ledger Nano X that includes a larger screen, improved storage and an esthetic change that makes the experience of holding private keys much more pleasant.
Samsung has been in the news during the last months because it seems that the company is trying to have a larger influence on the virtual currency and blockchain space. The South Korean giant launched the Samsung Galaxy S10 that includes a crypto and blockchain wallet integrated into the phone.
At the same time, Samsung could eventually launch a cryptocurrency token after launching its own Ethereum-based blockchain network. According to a recent report released by CoinDesk Korea, an anonymous source that knows the projects that the company has informed that Samsung could be developing a public-private blockchain based on Ethereum.
Thus, the investment that Samsung has just done on Ledger is very important for the firm and is related to the projects in which is currently focusing on.