South Korean electronics giant Samsung has invested €2.6 million (around $2.9 million) in crypto hardware wallet manufacturer Ledger, the French business magazine Capital revealed on Wednesday.

The new funding has taken the total valuation of the French startup to €260 million (roughly $290 million), the report added.

Discover Barcelona Trading Conference – A Top Tier Crypto Trading Event

According to CrunchBase, the new funding came as a part of Seris C funding for the hardware maker. The company was started in 2014 with $1.3 million in seed capital but was quick enough to attract the attention of investors and two years later raised $7 million in Series A funding round. Last year, Ledger raised $75 million in Series B funding round which was led by Draper Esprit and participated by 12 investors in total.

A shuffle in the management

Meanwhile, Ledger recently announced the appointment of its president Pascal Gauthier as the new chief executive officer, ousting the company’s co-founder Eric Larchevêque from the apex position. Larchevêque, however, has taken the position of executive chairman at the company’s board.

Larchevêque, on Twitter, confirmed the new funding and, emphasizing the role of smartphones for the crypto industry, stated: “We will still need hardware wallets, but to support a crypto revolution based on personal sovereignty accessible to all, the smartphone will indeed play a central role.”

On aura toujours besoin de hardware wallets, mais pour accompagner une révolution crypto basée sur une souveraineté personnelle accessible à tous, le smartphone va effectivement jouer un rôle central.

— Eric Larchevêque (@EricLarch) April 24, 2019

Many recent reports revealed that Samsung is betting bullishly on cryptocurrencies. The company is reportedly developing its own blockchain on Ethereum and is also planning to launch its native digital currency called “Samsung Coin.”

The smartphone manufacturer also introduced crypto storage facility on its flagship smartphone device earlier this year. Though Samsung Blockchain Wallet can only hold Ethereum and other ERC-20 tokens, it is anticipated that the company will extend its support for Bitcoin as well.