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Crypto Wallet Startup Ledger Receives Funding Worth $2.9 Million From Samsung

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According to a company spokesperson on April 24, Ledger – a hardware crypto wallet manufacturer has managed to receive funding worth $2.9 million from Samsung (electronics giant). Although the company spokesperson confirmed the news about receiving the funding, there were no further details provided.

The news came right after Pascal Gauthier (company’s former president) was appointed as its new CEO. Also, the former CEO of the company will now be serving as the new Executive Chairman of the Ledger’s Board. In of the letters, he said: “in this role, I will 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.”

An anonymous source, today informed CoinDesk (crypto industry news outlet) that Samsung might work towards developing a public-private blockchain complete using its own cryptocurrency token. The source further explains that the project, which is a part of an undertaking by the firm’s blockchain division, would essentially witness a blockchain mainnet based on Ethereum network simultaneously with a new asset called Samsung Coin.

Moreover, the source who reportedly is knowledgeable of the firm’s plans said that “we expect Samsung Coin to come out in the market, but the direction has not yet been decided.” As per the report by Ledger on April 22, Samsung has postponed the launch of its folding phone named Galaxy Fold worth $2000 as a series of issues were reported.

Many of the reviews showed that the screen of the device underwent flickering, freezing, and finally dying on their test phones within the first few days. The report further states that “substances found inside the device affected the display performance.”

Previously in the month of December, researchers claimed that they managed to hack Trzor One, Ledger Nano S and Ledger Blue crypto wallets, however, Ledger believes that uncovered in its wallets were not very major.

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