Samsung Electronics is speeding up its engagements with cryptocurrency technology and market. Samsung Venture Investment, the investment arm of world’s largest mobile phone maker Samsung Electronics, was reported to recently invest US$2.9 million in hardware wallet maker Ledger.
The investment comes about 6 months after Samsung Next, another investment arm of Samsung Electronics, invested US$4 million in Israel-based crypto wallet start-up ZenGo last September.
Ledger is a hardware wallet start-up that is working with various banks and other firms to offer a string of custody services.
“We are excited to confirm Samsung Venture’s investments. 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 services,” said Ledger in the PR statements.
Samsung Venture’s investment in Ledger is the latest of Samsung Electronics’ and its venture investment arms’ successive involvements with cryptocurrency businesses.
Samsung Electronics rolled out a crypto wallet-enabled flagship smartphone model Galaxy S10 in April, the first model of its smart phone lineup that incorporates a default crypto wallet functionality.
In June, 2018, Samsung Ventures joined series B funding round to invest in blockchain start-up BLOCKO. In February 2018, Samsung Electronics had signed an alliance with decentralized biometric-authenticated security start-up HYPR.