Samsung pours $2.9 million into crypto wallet startup Ledger

Earlier this week we heard that Samsung is mulling over a move into the cryptocurrency market with the introduction of its own token, and now it’s been revealed that the firm has poured $2.9 million into French hardware wallet manufacturer Ledger — adding some substance to the broad claim.

While Ledger confirmed the investment, it refrained from providing additional details about the deal itself. We can’t help but think that Samsung could be using the funding as a chance to dip its toe in the water and grasp a clear understanding of the hardware ledger market, before launching its own.

Samsung launched a software ledger alongside the Galaxy S10 back in February. What’s strange, however, is that it can only be used with Ethereum and Ethereum-derived tokens. Or is it? Ever since it emerged that Samsung Coin would be based on Ethereum, the move has made a lot more sense.

Samsung Coin? What’s a Samsung Coin?

Little is known about the token Samsung is working on, however. CoinDesk Korea learned earlier this week that the firm has started building the framework for its own blockchain mainnet, which could be opened to the public, which would allow Samsung Coin to be traded on exchanges alongside Bitcoin.

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