Samsung has invested 2.6 million euros (roughly $2.9 million) into hardware cryptocurrency wallet manufacturer Ledger. The investment gives the startup a valuation of about $290 million. Ledger had previously raised $7 million in Series A funding round in 2017, and a whopping $75 million in Series B in 2018. The new funding round led by Samsung is expected to further increase the growth rate of the firm.

“We are excited to confirm Samsung Ventures’ investment in Ledger. 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 technology to meet the demands of both today’s and tomorrow’s mobile consumer market,” Ledger said in a statement.

Samsung heavily invested in crypto wallets

Samsung recently stormed into the crypto and blockchain space, but now seems to be seriously committed in it. Only a day ago, it was reported that the company is working on an Ethereum-based blockchain network, and a cryptocurrency token of its own. The company have a dedicated team researching and developing the network. Earlier this year, Samsung introduced a Blockhain KeyStore cryptocurrency wallet in its Galaxy S10 smartphone series.

Samsung’s multi-million dollar investment in Ledger could be motivated by the firm’s ERC20 compliant hardware wallets. It would benefit the users of Samsung Coin if and when it launches. Ledger is also working with various banks and other firms to offer a number of custody options. So, it’s clear that Samsung is looking for startups that ease the process of using cryptocurrencies in day-to-day operations.

Samsung also reportedly led a $4 million investment round in ZenGo, a startup developing keyless crypto wallets, last week. We expect to see more such investments and deals from the company as its blockchain mainnet and cryptocurrency approaches its final stage.