Crypto Hardware Wallet Ledger Receives $2.9 Million in Funding from Tech Giant Samsung
Ledger is a popular hardware wallet manufacturer for cryptocurrency, and it looks like they are attracting the attention of major tech giants outside of cryptocurrency as well. Samsung decided to make a major investment in the company in the form of 2.6 million euros, making the valuation of Ledger approximately $290 million. Even though there is been confirmation from Ledger that the investment took place and that total amount, there has been nothing else confirmed at this point.
The announcement of the investment comes at the same time that former president Pascal Gauthier became CEO. The former CEO, Eric Larchevêque, has been moved to a position as Executive Chairman with Ledger’s Board. Based on a letter that Larchevêque issued, the new role will let him “properly focus on strategy and vision,” though he will also be watching over multiple aspects of the company as well, including partnerships, customers, and technology.
An anonymous source said that there is a possibility that Samsung’s venture into the blockchain industry will go much deeper, with the tech company eventually creating its own crypto token. This project would ensure that Samsung can eventually launch their blockchain mainnet on Ethereum, which would include the Samsung Coin. This source claims that they have access to the plans but says that “the direction has not yet been decided.”
The Ledger stated that the launch of the Galaxy Fold from Samsung has been delayed, as of April 22nd. The delays have been primarily due to breakage issues after multiple reviewers stated that the increase flicker, freeze, and ultimately die within just a few days of use.
Ledger has had multiple successful funding rounds in the last few years. In 2017, the company brought in $7 million during a Series A funding round. The next year, the company held a Series B funding round, bringing in $75 million in the process. So far, it has not been made clear if the contributions made by Samsung were part of a fundraising operation.