Samsung has invested 2.6 million euros ($2.9 million) into cryptocurrency hard wallet startup Ledger, according to French business magazine Capital.
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A Ledger spokesperson has confirmed the Samsung backing, but declined to comment further.
In 2017, Ledger raised $7 million during a Series A and another $75 million in 2018.
“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,” said Éric Larchevêque, executive chairman, and former CEO at Ledger.
The company is working with several banks and plans to launch a custody venture with Japanese bank Nomura by 2020.
Ledger is also working with Hong Kong-licensed Legacy Trust to facilitate custody options for tokens utilizing the ethereum blockchain.
Recently, Samsung included a built-in hard wallet in their flagship Galaxy S10 smartphones.
The company has stated they are working on its own token, which will utilize the ethereum blockchain.