The crypto hardware startup, by South Korean innovation mammoth Samsung, invested an amount of 2.6 million euros ($2.9 million) into Ledger. Crypto hardware startup Ledger gets $2.9 million invested by Samsung.

 

French business magazine, Capital reported on Wednesday that the investment gives the startup a valuation of approximately $290 million. Even though Samsung did not immediately respond to comment requests, a spokesperson for Ledger confirmed that Samsung did indeed back the startup, but did not confirm further details.

In an official statement, Ledger confirmed Samsung’s investment on Thursday:

“We are excited to confirm Samsung Ventures’ investment in Ledger. We believe Samsung Ventures will add value to further enhance our position as a leading provider of best-in-class security solutions as we continue to deliver innovative hardware wallet technology to meet the demands of both today’s and tomorrow’s mobile consumer market.”

It remains unclear if Samsung’s investment is part of a bigger capital raise. This news follows past financing rounds by the organization, including a $7 million Series. A rise in 2017 and a $75 million Series B in 2018. Also, it coincides with Pascal Gauthier promoted to CEO.

 

Capital reported that although Ledger’s previous CEO and co-founder, Éric Larchevêque, confirmed the investment, he refused to comment further verbally. On Social Media, however, namely Twitter, Larchevêque seemed to confirm the news, saying in a tweet (translated from French) that:

“We will always need hardware wallets, but to accompany revolution crypto based on personal sovereignty accessible to all, the smartphone will actually play a central role.”

Larchevêque’s Twitter bio is updated to now state that he serves as Ledger’s executive chairman.

 

Various banks and corporations are currently working with Ledger to create a number of custody solutions. Japanese bank Nomura is working on a custody venture with Ledger that will launch by 2020. At the same time, the company will team up with Legacy Trust.

 

Samsung seems very confident about the future of the crypto and blockchain industry. The Galaxy S10 series, which are the company’s upcoming line of flagship smartphones, will have crypto wallet functions incorporated. The organization is presently working on its very own ethereum-based blockchain.

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