South Korean tech giant, Samsung has recently funded popular crypto hardware wallet manufacturer—Ledger, with a 2.6 million euro ($2.9 million) investment.

Ledger Gets Funding From Samsung to Become a $290 Million Company

The wallet maker which completed a $7 million Series A funding round in 2017, and a $75 million Series B last year recently promoted Pascal Gauthier to CEO.

The former CEO of the company, Éric Larchevêque, was one of the first set of people to confirm Samsung’s investment. The former CEO tweeted that:
~we’ll “always need hardware wallets,” but that in the crypto revolution “the smartphone will actually play a central role.”

The cryptocurrency hardware wallet manufacturer also confirmed Samsung’s investment in a statement which reads:

“We are excited to confirm Samsung Ventures’ investment in Ledger. We believe Samsung Ventures will add value to further enhance our position as a leading provider of best-in-class security solutions as we continue to deliver innovative hardware wallet technology to meet the demands of both today’s and tomorrow’s mobile consumer market.”

Ledger which received a Startup of the Year award from Ernst & Young (EY) for the Ile-de-France region, last year, has recorded major achievements since then. The firm sold over one million Ledger wallets as of October of last year.

Samsung’s flagship product, the Galaxy S10 reportedly has a cryptocurrency wallet installed in it. The mobile phone’s crypto wallet feature is said to only be available in some selected region. The mobile device reportedly has a ‘blockchain tutorials’ included in it.

According to a recent report, it was rumoured that Samsung is looking to launch its own blockchain, based on the Ethereum network. The report also made it known that the tech giant is looking to launch its own token. Since the network is likely to a public blockchain, the token will likely get traded on crypto exchanges just like BTC and ETH.

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