Home News Blockchain Samsung Invests $2.9 Mn in Crypto Wallet Startup Ledger, Might be Working...

Samsung Invests $2.9 Mn in Crypto Wallet Startup Ledger, Might be Working on its Own Cryptocurrency

April 25, 2019 12:38
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Electronics giant, Samsung is getting serious into its cryptocurrency game plan and also rumours in the market about the company developing its own Samsung Coin going strong. There has been no official word on the development but is likely to be true given the company’s recent investments in the crypto sphere and integration of crypto wallets to several of its devices.

Samsung has also made an investment of  2.6 million euro or $2.9 million in hardware cryptocurrency wallet manufacturer, Ledger. The announcement was made on April 24th and no further details have been given out except the initial investment amount.

At the moment it is not clear, whether the investment by Samsung is a part of a larger funding round or is a strategic one. Ledger in 2017 has raised $7 million in Series A round, $75 million Series B in 2018. The latest investment also coincides with Ledger promoting Pascal Gauthier to CEO.

Co-founder Éric Larchevêque confirmed the investment by Samsung in one of his tweets saying:

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

The news about Samsung developing its own cryptocurrency came from a news outlet Coindesk Korea, in which an anonymous source told that “Samsung may end up developing a public-private blockchain complete with its own cryptocurrency token.”

It has been also reported that the Samsung Coin is based on ERC20 token and is currently in the process of creating mainnet.

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