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Samsung invests in blockchain wallet company Ledger
NEWS

Samsung invests in blockchain wallet company Ledger

Crypto hardware wallet manufacturer Ledger recently secured €2.6 million ($2.9m) funding from Samsung as part of its Series C funding round.

This new investment would give Ledger a rough valuation of €260 million ($289m). According to French business magazine Capital, the founder Éric Larchevêque confirmed the funding but did not wish to make any further comments.

Samsung has launched a cryptocurrency wallet for its flagship phone Galaxy S10 which is only available in certain countries. The Samsung Blockchain Wallet is compatible only with ether and ethereum-based ERC20 tokens. According to Coindesk there are also rumors that Samsung is planning a public blockchain and a Samsung Coin. Samsung’s SDS division already has the Samsung Nexledger enterprise blockchain.

Tech Mahindra provides various solutions in security, networking, infrastructure, and blockchain. Internationally focused, the $4.77 billion revenue firm has offices in over 60 countries and employees in over 90.

It appears that Samsung SDS, the software provider of the Korean technology giant, aims to leverage Mahindra’s global reach and business experience. Nexledger is Samsung’s blockchain platform, released in 2017. Until now, it has mostly been applied in its home country, such as for a Korean customs blockchain and authentication in the Korean banking system.

“As a company that believes in the value the blockchain technology will bring, Samsung SDS has dedicated its efforts to develop a blockchain platform, Nexledger, that meets the enterprise needs in the business sector.” says Mahn Chey, Samsung SDS India President.

The news also coincided with the founder Éric Larchevêque’s decision to step down as CEO of the company with a view to focusing more on strategy as Executive Chairman. Seed investor and board member Pascal Gauthier was appointed new CEO of Ledger. Ledger’s leadership recently released a letter from the executives outlining this change in leadership management.

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With the ever growing challenge of managing such a complex company with different business units and 180 collaborators on five sites, I have come to the realization that I was spending all my time on day-to-day execution at the expense of critical high level strategic thinking. The crypto market is constantly going through extreme change cycles, and being able to forecast the right moves is instrumental to the success of Ledger.

I have therefore decided, with the support of the Board, to move to a new role as Executive Chairman. In this role I’ll be able to properly focus on strategy and vision, while also overseeing regulator and government outreach, partnerships, customers, broader business relationships and technology thought leadership. I’ll continue to interact with the crypto and consumer communities, and help Ledger to fulfill its mission of securing all types of critical digital assets.

Ledger specialises in developing security and infrastructure solutions for cryptocurrencies. Launched in 2014, Ledger serves clients in over 165 countries and sold 1,500,000 Ledger Wallets worldwide.

Ledger had secured a Series B funding round of $75 million led by Draper Esprit in 2018. In 2017, the startup raised $7 million in a Series A round.

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