Samsung invests $2.9 million in Ledger

Samsung has invested EUR 2.6 million (approximately $2.9 million) in French crypto custody-provider Ledger, Capital reports. The investment brings Ledger’s valuation to $290 million, according to documentation seen by Capital. The startup’s founder Éric Larchevêque confirmed the investment had taken place but would not provide any further information.

In a tweet, Larchevêque said that while there will always be a need for hardware wallets, the smartphone will play a central role in the crypto revolution due to its accessibility.

The news corresponds with recent senior management changes that have taken place in Ledger. Larchevêque stepped down from his CEO position, becoming Executive Chairman of the Board, while Ledger’s president Pascal Gauthier was appointed the new CEO.