Paving for the currency? Samsung accelerates the layout encryption industry and injects 2.6 million euros into the hardware wallet company Ledger

According to foreign media reports, South Korean technology giant Samsung has invested 2.6 million euros (about 2.9 million US dollars) in cryptocurrency hardware startup Ledger.

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According to the French business magazine Capital, the investment made the startup worth about $290 million . A Ledger spokesperson confirmed that Samsung provided support for the startup, but could not confirm more details. As of press time, a Samsung spokesperson did not respond to requests for comment.

Ledger has just promoted Pascal Gauthier as CEO. The company has had several rounds of financing, including $7 million in Series A financing in 2017 and $75 million in Series B funding in 2018. It is unclear whether Samsung’s 2.6 million euro investment is part of the company’s larger financing.

According to Capital magazine, Ledger's former CEO and co-founder Éric Larchevêque confirmed the investment but declined to comment further. On Twitter, he seems to confirm the news, he said on a tweet.

"We always need a hardware wallet, but with a cryptographic revolution based on personal sovereignty that everyone can access, smartphones will actually play a central role."

According to his personal profile on Twitter, he is now the executive chairman of Ledger.

Samsung invests in hardware wallet company, logically

Ledger is currently working with a number of banks and other companies to offer a variety of hosting options. Ledger and Bank of Japan Nomura will set up a hosting joint venture by 2020, and the hardware developer is working with the Hong Kong-licensed Legacy Trust to provide hosting services for Ethereum-based tokens.

As far as Samsung is concerned, it has recently entered the field of encryption and blockchain. The company recently announced that its flagship smartphone line, the Galaxy S10, includes an encrypted wallet feature. According to CoinDesk Korea, a person familiar with Samsung's internal situation revealed that the company's blockchain working group (part of its wireless division) is building a blockchain main network based on Ethereum. Samsung may one day release its own tokens, but the work is still in the "internal experiment" stage.