Samsung invests €2.6 million in hardware wallet startup Ledger

Yesterday, there were reports that Samsung may be in the process of developing a blockchain with its own cryptocurrency. Now, the French business magazine Capital reports that the South Korean electronics giant is investing big in Ledger, a French startup company that manufactures a well-known cryptocurrency hardware wallet.

According to documents that the magazine has reviewed, Samsung invests a total of €2.6 million in Ledger. This gives the French startup a valuation of €260 million.

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Ledger confirms

Eric Larchevêque, co-founder of Ledger, confirms the information, but does not want to go into any details. However, he writes the following on Twitter:

“We will always need hardware wallets, but to support a crypto revolution based on personal sovereignty accessible to all, the smartphone will indeed 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) April 24, 2019

Ledger’s most famous product is Ledger Nano S which is a so-called hardware wallet for cryptocurrencies, a place where you can store private encryption keys offline. In 2017, Ledger sold one million copies of the product, according to Capital.

Earlier, Ledger has made several funding rounds – one $7 million series A fund raise in 2017 and one $75 million series B round in 2018. In addition, the company works with several banks and other firms around the world regarding various custody options for cryptocurrencies, Coindesk writes.

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