South Korean electronics giant Samsung has invested €2.6 million (around $2.9 million) in the crypto hardware wallet manufacturer Ledger, revealed the French business magazine Capital on Wednesday.
The new funding has taken the total valuation of the Franch startup to €260 million (roughly $290 million), the report added.
According to CrunchBase, the new funding came as a part of Seris C funding for the hardware maker. The company was started in 2014 with $1.3 million in seed capital but was quick enough to attract investors attention as after 2 years it raised $7 million in Series A funding round. Last year, round which was led by Draper Esprit and participated by 12 investors in total.
A shuffle in the management
Meanwhile, Ledger recently announced the appointment of its president Pascal Gauthier as the new chief executive officer, ousting the from the apex position. Larchevêque, however, has taken the position of executive chairman at the company’s board.
Larchevêque, on Twitter, has confirmed about the new funding and, emphasizing the role of smartphones for the crypto industry, stated: “We will always need hardware wallets, but to accompany a revolution crypto based on a personal sovereignty accessible to all, the smartphone will actually play a central role.”
On aura toujours besoin de hardware wallets, mais pour accompagner une révolution crypto basée sur une souveraineté personnelle accessible à tous, le smartphone va effectivement jouer un rôle central.
— Eric Larchevêque (@EricLarch)
Many recent reports revealed that Samsung is betting bullishly on cryptocurrencies. The company is reportedly and is also planning to launch its native digital currency called “Samsung Coin.”
The smartphone manufacturer also introduced crypto storage facility on its flagship smartphone device earlier this year. Though Samsung Blockchain Wallet can only hold Ethereum and other ERC-20 tokens, it is anticipated that the company will extend its support for Bitcoin as well.