Crypto Hardware Wallet Startup Ledger Receives $2.9 Million Investment From Samsung

Francisco Memoria

Ledger, a popular cryptocurrency hardware wallet manufacturer, has recently received a 2.6 million euro ($2.9 million) investment from South Korean tech giant Samsung, in a move that gave the firm a valuation of roughly $290 million.

According to French business magazine Capital, a Ledger spokesperson confirmed Samsung backed the firm, but didn’t go into details. The move came shortly after Ledger promoted Pascal Gauthier to CEO, and after a $7 million Series A funding round in 2017, and a $75 million Series B last year.

Ledger’s former CEO, Éric Larchevêque, seemingly confirmed the investment initially, by saying on social media in one tweet – translated from French – that ~we’ll “always need hardware wallets,” but that in the crypto revolution “the smartphone will actually play a central role.”

In a statement, the cryptocurrency hardware wallet manufacturer confirmed Samsung’s investment. The statement reads:

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’s worth pointing out that last year Ledger received a Startup of the Year award from Ernst & Young (EY) for the Ile-de-France region, in a competition that saw it move up to compete with other startups throughout the world. The company’s success has been significant with over one million Ledger wallets sold as of October of last year.

Samsung itself seemingly added a cryptocurrency wallet to its latest flagship smartphone, the Galaxy S10. Months before it was released leaks showed it had a built-in cryptocurrency wallet. After its release, videos show it has ‘blockchain tutorials’ included in it.

Rumors now suggest Samsung is looking to launch its own blockchain, based on the Ethereum network. The goal, some claim, could be for the tech giant to launch its own token.  Interestingly, Enjin Coin (ENJ) saw its price surge when the Galaxy S10 launched, as it’s believed Samsung adopted Enjin’s wallet for its flagship smartphone.