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Samsung invests in blockchain wallet company Ledger

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Crypto hardware wallet manufacturer Ledger recently secured €2.6 million ($2.9m) funding from Samsung as part of its Series C funding round.

This new investment would give Ledger a rough valuation of €260 million ($289m). According to French business magazine Capital, the founder Éric Larchevêque confirmed the funding but did not wish to make any further comments.

Samsung has launched a cryptocurrency wallet for its flagship phone Galaxy S10 which is only available in certain countries. The Samsung Blockchain Wallet is compatible only with ether and ethereum-based ERC20 tokens. According to Coindesk there are also rumors that Samsung is planning a public blockchain and a Samsung Coin. Samsung’s SDS division already has the Samsung Nexledger enterprise blockchain.

The news also coincided with the founder Éric Larchevêque’s decision to step down as CEO of the company with a view to focusing more on strategy as Executive Chairman. Seed investor and board member Pascal Gauthier was appointed new CEO of Ledger. Ledger’s leadership recently released a letter from the executives outlining this change in leadership management.

Ledger specialises in developing security and infrastructure solutions for cryptocurrencies. Launched in 2014, Ledger serves clients in over 165 countries and sold 1,500,000 Ledger Wallets worldwide.

Ledger had secured a Series B funding round of $75 million led by Draper Esprit in 2018. In 2017, the startup raised $7 million in a Series A round.