Samsung Invests $2.9M Into Crypto Startup

South Korean electronics giant, Samsung has invested $2.9 million in crypto hardware wallet company Ledger, Cointelegraph reports.

No details beyond the investment amount have been revealed. The investment is a great boost for Ledger, as it comes from a very established entity.

Ledger is a popular choice for a hardware wallets, competing with Trezor, another popular hardware wallet manufacturer. Earlier this year, the former released a report that pointed out flaws in the security of Trezor hardware devices, which Trezor responded to.

Samsung has been making efforts to expand into the crypto space, with the Samsung Galaxy S10 having in-built support for Ethereum and other crypto assets, though not Bitcoin yet. According to Coindesk Korea, an anonymous source has told the publication that Samsung is building its own public-private blockchain that will arrive with its own token. The anonymous source said,

We expect Samsung Coin to come out in the market, but the direction has not yet been decided.

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