Hardware cryptocurrency wallet provider Ledger has reportedly received 2.6 million euro ($2.9 million) from global technology giant Samsung.

According to local media outlet Capital, Ledger’s total valuation is around $290 million after receiving the investment from Samsung. Previously, the startup raised $7 million in a series A round in 2017 and $75 million in a series B in 2018, which was led by Draper Esprit.

The news further reveals that Ledger has appointed Pascal Gauthier, the firm’s former president, as its new CEO. Former CEO Eric Larchevêque will now serve as Ledger’s Executive Chairman.

In a tweet, Larchevêque confirmed that Samsung backed the startup, but declined to provide further details beyond the initial investment amount: “We will always need hardware wallets, but to accompany revolution crypto based on personal sovereignty accessible to all, the smartphone will actually play a central role.”

Founded in 2014, Ledger is a Paris-based crypto wallet manufacturer aims at providing blockchain security and infrastructure solutions. Currently, the firm has over 130 employees in Paris, Vierzon and San Francisco.

Recently, Samsung teamed up with an India-based IT firm, Tech Mahindra, to push Samsung’s blockchain platform Nexledger going forward, as The Crypto Sight reported on Apr 18.