Samsung is one of the world’s largest mobile phone manufacturers amongst Apple, HTC and Huawei. So it should come as no surprise that Samsung has announced that they intend to further their stake in the cryptocurrency market. But they plan to do so not by investing, but rather by integrating a crypto cold wallet into the Samsung S10.
SamMobile is the biggest online Samsung Community. Adnan Farooqui, the senior executive editor at SamMobile, wrote:
“After hearing about the trademarks for Samsung’s blockchain and cryptocurrency software, we decided to dig around a little deeper. We can confirm that the company is indeed developing one and that it may be launched with the Galaxy S10.”
Samsung in Crypto
Samsung is a South Korean superpower as they have cornered the market in insurance, online payments, asset management, car manufacturing, electronics, and property development. It’s no surprise that they are looking to corner the crypto game.
Samsung initially entered the crypto market looking to venture into the mining field. Samsung began by manufacturing ASIC mining chips at its foundry located in Suwon South Korea with the goal to ship internationally. Details surround Samsungs ASIC chips remain unclear as any partner distributors have not yet been verified.
Samsung is now looking to further expand their crypto stake not byu offering their own exchange, but by utilizing their current resources and integrating crypto cold storage wallet into the S10. The idea behind the cold storage wallet is to allow S10 users to import their data and assets from third party providers, like MetaMask, onto their phone so they can transact on their mobile device.
“Samsung’s cold wallet app will enable users to import their existing wallets from third-party services like Metamask or TrustWallet. They will also be able to create a new one in the app itself. The cryptocurrencies and tokens supported initially may include Bitcoin, Ethereum, Ethereum-derived token ERC20 and Bitcoin Cash.”
Samsung would be the first major mobile phone provider to offer crypto cold wallet storage. Sirin Labs claims to have raised over $158 million with their ICO in 2017. The ICO’s project goal was to create mobile phone with a native cryptocurrency that could compete against the major players in the market like Samsung. Though if Samsung and other players follow suit with offering cold wallet storage, Sirin’s project could become obsolete.