Ledger, a popular cryptocurrency hardware wallet manufacturer, has recently received a big investment from South Korean tech giant Samsung. In total, Ledger received $2.9 million in funding.

Capital, a French business magazine, reported that Samsung invested in cryptocurrency hardware wallet manufacturer Ledger. A Ledger spokesperson confirmed Samsung backed the firm, but didn’t go into details about the investment.

The investment from Samsung came shortly after the company promoted Pascal Gauthier to CEO. According to the news, Ledger received $2.9 million in funding from Samsung. It is not the first time that Ledger has received an investment. In 2017, Ledger disclosed $7 million in a Series A funding and another $75 million in a Series B funding in 2018.

Éric Larchevêque, the former CEO of Ledger, tweeted after the news:

“we’ll “always need hardware wallets, but in the crypto revolution, the smartphone will actually play a central role.”

In a statement, the cryptocurrency hardware wallet manufacturer confirmed Samsung’s investment. The statement reads:

“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.”

Samsung is investing heavily in bockchain and cryptocurrency. Recently, Samsung added a cryptocurrency wallet to its latest flagship smartphone, the Galaxy S10. Now, Samsung is apparently also investing in hardware wallets to extend its reach.

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