Samsung invests $2.9 million in crypto wallet Ledger

Samsung has invested 2.6 million euro (roughly $2.9 million) into French cryptocurrency company Ledger. French media outlet Capital broke the news on Wednesday. 

Ledger is best known for its hardware products, including the hardware wallet Ledger Nano S. 

According to Capital, the investment puts Ledger at a 260 million euro ($290 million) valuation. 

The news comes just days after reports that Samsung is working on its own blockchain-based network, and — potentially — on a cryptocurrency token called Samsung Coin as well. The company also included a cryptocurrency wallet on its latest flagship, the Samsung Galaxy S10. Given Ledger’s expertise in building secure cryptocurrency wallets, the synergy is obvious, though no other details about the deal between the two companies were revealed. 

The company CEO Eric Larchevêque retweeted the news shortly after publication and pointed out that while the hardware wallets are still a necessity, the smartphone will play a “central role” in the crypto revolution.

Ledger’s latest product is the Bluetooth-enabled hardware wallet, the Ledger Nano X, announced in January. It’s an improved version of Ledger’s most popular product, the Nano S, but comes with wireless connectivity, a larger screen, support for more crypto assets and improved speed.  

We’ve asked Samsung for comment and will update this article when we hear from them.