Samsung Crypto – Sumsung Invests $2.9 million Into Ledger

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The electronics giant from South Korea, Samsung, is one of the first significant smartphone manufacturers that began to incorporate a crypto wallet in their recent Galaxy S10 phones. Samsung’s among a few other companies has launched blockchain based smartphones; and this could possibly encourage other companies to get in on the trend. Read on to know more about what Samsung has done now.

The $2.9 million investment

Ledger, the French manufacturer of crypto hardware wallets has managed to receive about $2.9 million from Samsung. This investment from Samsung puts the valuation of Ledger at $290 million; if we add up the $75 million the startup raised, run by Draper Espirit and the $7 million announced in March 2017. However, it is not certain whether Samsung’s investment into the crypto hardware wallet maker is part of a more massive funding round.

It appears that this news clashed with Ledger’s change in leadership. Ledger has just promoted Pascal Gauthier to CEO a board member and seed investor who initially came into Ledger as president. Therefore the CEO since 2014, Eric Larchevêque will now be the Board’s executive chairman.

Perfect match

It makes sense for Ledger and Samsung to collaborate at some point, and Samsungs investment seems to be a good start. As of right now, Ledger is collaborating with other firms and different banks to try and make several custody options available. By 2020, a custody Venture Nomura, a Japanese bank, is expected to Launch. At the same time Ledger is working with Legacy Trust to make custody services available for Ethereum based tokens.

Moreover, Samsung recently came into the Blockchain and cryptocurrency world. They claimed recently that the new collection of Flagship smartphones i.e. Samsung Galaxy S10 would have a crypto wallet functionality. Samsung is also apparently developing an Ethereum based blockchain.

The Samsung Crypto Blockchain loading

Coindesk reported that an anonymous source told them that; Samsung is supposedly looking forward to developing a blockchain that is public-private using its own Cryptocurrency Token. The Blockchain division of Samsung would have Blockchain Mainnet depending on the Ethereum network; along with Samsung’s very own asset dubbed coin.

On April 22nd the crypto wallet creator Ledger reported that due to breakage problems Samsung decided to delay the Launch of their Galaxy Fold worth $2,000. According to people who reviewed the device, some of the issues included; freezing, flickering of the screens inside and just randomly dying within a few days. Moreover, there were substances inside the device that messed up the display.

Final thoughts

As the cryptocurrency markets are looking for more significant investor participation, Ledger, famous for cold storage solutions, continues to deliver new unique products. And this year alone Ledger introduced two new products. These products include the crypto hardware wallet announced earlier in the year called Ledger Nano X. The second Product Ledger introduced was the Ledger Vault made for institutional investors seeing as the Nano X is mostly for retail investors. Furthermore, the new upcoming product is a wallet management tool with multi-authorisation used for digital assets. Samsung’s investment will be beneficial to both the crypto wallet maker Ledger and Samsung itself.

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