South Korean tech giant Samsung has spent 2.6 million euros ($2.9 million) to crypto hardware startup Ledger.
The investment provides the startup a valuation of approximately $290 million, French business magazine Capital reported Wednesday. A spokesperson for Ledger affirmed that Samsung supported the startup, but couldn’t confirm additional information. A Samsung representative didn’t respond to a request for comment by press time.
The information, coinciding with Ledger boosting Pascal Gauthier into CEO, follows previous financing rounds from the business, such as a $7 million Series A fund increase in 2017 plus a $75 million Series B at 2018. It’s uncertain whether Samsung’s investment is part of a larger financing round.
Ledger’s past CEO and co-founder, Éric Larchevêque, affirmed the investment but declined to comment further, Capital reported. On Twitter, Larchevêque seemingly confirmed the information too, stating in one tweet (translated from French) which”We shall always require hardware pockets, yet to accompany a revolution crypto predicated on a private sovereignty available to all, the smart phone will really play a fundamental role.”
Based on his Twitter bio, Larchevêque currently functions as Ledger’s executive chairman.
A logical game
Ledger is now working with different banks and other companies to give numerous custody choices. A custody partnership with Japanese bank Nomura is expected to start by 2020, although the hardware programmer is concurrently cooperating with Hong Kong-licensed Legacy Trust to provide custody services for ethereum-based tokens.
For its part, Samsung recently escalated to the crypto and blockchain area. It recently announced a coming new field of flagship smartphones — that the Galaxy S10 series — may incorporate crypto wallet performance. And the company is said to be functioning on its own unusual blockchain predicated on ethereum.
Truly, Samsung could one day problem its own token, based on CoinDesk Korea.
Ledger supported Samsung’s investment Thursday, saying in a statement:
“We’re eager to affirm Samsung Ventures’ investment in Ledger. We consider Samsung Ventures will add value to further improve our position as a top supplier of best-in-class safety options as we continue to provide advanced hardware pocket technology to satisfy the requirements of the today’s and tomorrow’s mobile consumer marketplace.”
UPDATE (25 April, 2019, 15:25 UTC): This guide was updated with an announcement from Ledger.