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Samsung Invests $2.9M In Draper-Backed Cryptocurrency Storage Startup Ledger

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Samsung Invests $2.9M In Draper-Backed Cryptocurrency Storage Startup Ledger

Korea’s largest global technology company, Samsung Electronics Co Ltd (OTCMKTS:SSNLF), has made a $2.9 million investment in cryptocurrency hardware company Ledger, according to a report by French magazine Capital.

The funding reportedly values Ledger at $290 million. Ledger is known for its hardware storage wallets, including the popular Ledger Nano S.

Samsung’s Blockchain Push

Earlier this week, CoinDesk Korea reported that Samsung is developing its own blockchain network and exploring a potential launch of its own token, Samsung Coin. Samsung is also reportedly considering adding blockchain technology to its Samsung Pay digital payment app.

In February, Samsung announced that its latest smartphone, the Galaxy S10, would support cryptocurrency privacy key storage and blockchain-based digital signatures. Last month, Samsung unveiled its wallet, which will initially support Ethereum-based currencies but not bitcoin. The S10 also supports decentralized apps such as Enjin, Cosmee and CryptoKitties, according to CoinDesk.

Ledger’s Wallets

Ledger was founded in 2014 and now has more than 130 global employees. Ledger launched the Ledger Nano X cryptocurrency wallet earlier this year, the successor to its Nano S wallet. Ledger’s higher-priced Nano Blue wallet has seen relatively limited success.

Like the Nano S, the Nano X is a USB stick, but the Nano X is the first Ledger wallet to support Bluetooth connectivity. The Nano X also has a larger screen than its predecessor and can store more cryptocurrency assets.

Hardware cryptocurrency wallets provide an additional level of security for cryptocurrency investors concerned about potentially using a compromised computer. The wallets store crypto privacy keys and allow users to securely access currency by entering a simple PIN.

Ledger has reportedly sold 1.5 million units of the Nano S, which holds a maximum of four cryptocoins at the same time. The Nano X can hold up to 100 cryptocurrency assets. It also contains improved hardware that should help improve the speed of transactions. The Nano X starts at $119, nearly twice the price of the $64 Nano S.

Billionaire Backer

Samsung isn’t the first high-profile investor that Ledger has landed. Last year, Tim Draper, venture capitalist and founder of Draper Associates, led a $75 million fundraising round for Ledger. Ledger reportedly said the fundraising round was “oversubscribed” and the largest Series B round of 2018, according to CCN.

Draper, who was an early investor in companies like Tesla, Inc. (NASDAQ: TSLA)

Hotmail and Skype, has long been a supporter of cryptocurrency. He also reportedly earned $89.1 million by investing in bitcoin starting back in 2014.

“We are so excited about what Ledger does. It secures all your crypto assets, and you know I’m a big fan of crypto assets,” Draper said last year.

Draper made headlines earlier this month when he said he expects cryptocurrency to ultimately disrupt fiat currencies like the U.S. dollar and help citizens around the world avoid centralized control. He will be discussing his views cryptocurrency and blockchain technology at the upcoming SALT Conference in Las Vegas starting on May 7.

BitcoinExchangeGuide reported earlier this month that Draper will also be meeting with executives at Facebook Inc. (NASDAQ: FB) to discuss a potential investment in Facebook’s Facebook Coin project. Facebook is reportedly seeking $1 billion in funding to support its stablecoin.

Related Links:

Tim Draper Meeting With Facebook To Discuss Cryptocurrency Investment

Experts: Bitcoin Will Take Down Gold, Fiat Currencies

Posted-In: SALT Conference Tim DraperCryptocurrency News Startups Markets General Best of Benzinga

 

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