Samsung invests $2.9 million in encryption hardware startup Ledger

Samsung invests $2.9 million in encryption hardware startup Ledger

Translator: Play the coin family ElaineHu

South Korean technology giant Samsung invested 2.6 million euros ($2.9 million) in cryptocurrency hardware startup Ledger.

According to the French business magazine Capital on Wednesday, the investment made the startup's valuation reach 290 million US dollars. A Ledger spokesperson confirmed that Samsung invested in the startup but could not confirm more details. As of press time, a Samsung representative did not respond to the request for comment.

Before Ledger appointed Pascal Gauthier as CEO, the company 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 investment is part of a larger financing plan.

According to Capital magazine, Ledger's former CEO and co-founder Éric Larchevêque confirmed the investment but declined to comment further. On Twitter, Larchevêque seems to confirm the news. He said in a tweet (translated from French), "We always need a hardware wallet, but with a personal sovereignty that everyone can access. The encryption revolution, smartphones will actually play a central role."

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

Samsung enters the field of encryption and blockchain

Ledger is currently working with a number of banks and other companies to offer a variety of hosting options. It is expected that Nomura and Bank of Japan will establish a escrow joint venture by 2020, and the hardware developer is working with the Legacy Trust, which holds a Hong Kong license, to provide hosting services for Ethereum-based tokens.

As far as Samsung is concerned, it is currently aggressively entering the field of encryption and blockchain. The company recently announced that its upcoming flagship smartphone line, the Galaxy S10, will include an encrypted wallet feature. It is reported that the company is currently developing its own blockchain based on Ethereum.

Indeed, according to CoinDesk Korea, Samsung may issue its own tokens in the future.