Korea’s largest global technology company, Samsung Electronics has invested $2.9 million in French cryptocurrency hardware company Ledger, according to a report by French magazine Capital. A statement from Ledger confirmed the report.
“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”.
Cryptocurrency Hardware Wallet Company Could Be France’s First Unicorn
The funding reportedly values the French company at $290 million. Ledger raised $75 million last year in funding led by billionaire Tim Draper. He said at the time: “We are so excited about what Ledger does. It secures all your crypto assets, and you know I’m a big fan of crypto assets”.
France’s Minister of Economy and Finance, Bruno Le Maire said: “Ledger has everything to become very quickly our first French unicorn blockchain”.
Ledger is known for its hardware storage wallets, including the Ledger Nano S. Their latest product is the Bluetooth-enabled device the Ledger Nano X. The Nano S can hold a maximum of four cryptocurrencies but the Nano X holds up to 100. Ledger claims that both models have “their own advantages, complementing each other and catering to different types of users”.
The investment news comes shortly after it was reported that Samsung is working on its own blockchain-based network and a cryptocurrency token named Samsung Coin. Samsung have also recently led a $4 million funding round in ZenGo, developers of keyless crypto wallets.
Ledger was launched in 2014 to create secure solutions for blockchain applications, they now have over 130 employees in Paris, Vierzon and San Francisco. They will soon open a new factory in Vierzon and are presently selling their products in over 165 countries.
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