Telecom giant Samsung has invested 2.6 million euros ($2.9 million) into crypto wallet manufacturer Ledger, the French financial publication Capital reports. The investment gives the France-based startup a nearly $290 million valuation, per the report.
The news came shortly after CoinDesk Korea reported that Samsung is developing a blockchain platform and native digital asset of its own. The project, which is being conducted by the South Korean tech giant’s blockchain division, is reportedly based on Ethereum’s network and the resulting cryptocurrency is dubbed “Samsung Coin.”
CoinDesk Korea cited an anonymous source who said, “We expect Samsung Coin to come out in the market, but the direction has not yet been decided.”
Jimmy has been following the development of blockchain for several years, and he is optimistic about its potential to democratize the financial system.