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Cryptocurrency Startup Ledger Secures $2 Million Investment From Samsung

Digital currency wallet developer Ledger has successfully closed a deal with Samsung. The electronics giant has invested $2.9 million, or 2.6 million euro, on the crypto startup.

A spokesperson for Ledger confirmed the deal but gave no other information beyond how much Samsung sunk in the company.

New Samsung/Ledger Executives

The news of the South Korean company’s substantial investment comes on the heels of Pascal Gauthier’s appointment as Ledger’s new CEO. Gauthier formerly served as president. Meanwhile, ex-CEO Eric Larcheveque is set to take over as Executive Chairman on the company’s Board.

Larcheveque said in a statement that his new role will give him the opportunity to focus on Ledger’s vision and strategy while also giving him the chance to oversee government outreach projects and expanding business partnerships. He’ll also focus on their customers and maintaining leadership through novel technology ideas.

Samsung’s investment in Ledger further underscores the company’s adoption of cryptocurrency. An anonymous source reportedly told CoinDesk Korea that the tech leader might be on the verge of developing its own private-public blockchain and digital currency token.

Samsung Coin?

The project would allegedly see Samsung creating a blockchain mainnet based on Ethereum’s system and a new asset that has been appropriately named Samsung Coin. The ambitious undertaking will be managed by Samsung’s blockchain division.   

The source, who seems to have insider knowledge, says that they expect the Samsung Coin to eventually come out but the company has not decided what direction it will take yet with regards to the technology.

On Ledger’s end, they will have to shore up their product as some researchers claimed late last year that they were able to hack into the company’s cryptocurrency wallets.

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