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Samsung is releasing a better cryptocurrency-enabled smartphone

Samsung is releasing a better cryptocurrency-enabled smartphone

Samsung is releasing a version of its newest flagship smartphone that supports 34 cryptocurrencies, including Bitcoin and Ethereum, and a variety of DApps, as first reported by the Wall Street Journal.

The largest smartphone manufacturer in the world by market share is offering a cryptocurrency-enabled Galaxy Note 10 variant, the “KlaytnPhone” on Thursday, exclusively to the South Korean market. The smartphone  includes a feature for securely storing cryptocurrency private keys through its “blockchain-enabled” mobile services. In addition, it comes with a pre-installed cryptocurrency wallet, where users can transfer funds and review transaction history.

The latest flagship smartphone will not differ in terms of hardware and packaging from the existing two sizes of the Galaxy Note 10, but it will come with Klaytn’s full range of transaction services and blockchain applications. The report also mentioned that buyers of the KlaytnPhone will obtain a certain amount of KLAY tokens, Klaytn’s native cryptocurrency, to use and become familiar with the phone’s features.

Earlier this year, Samsung announced that it was releasing its first crypto-friendly smartphone, the Galaxy S10, which only supported Ethereum and ERC-20 tokens. Now, the newest flagship phone supports 34 cryptocurrencies and 17 decentralized applications (DApps).

Among the tokens that were added to the KlaytnPhone are, Bitcoin (BTC), Binance Coin (BNB), Basic Attention Token (BAT), Augur (REP), Enjin Coin (ENJ), and many more. Some of the most prominent DApps available on the variant of the Galaxy Note 10 include, BULVRD Drive, Coinduck, XWallet, and Cosmee.

Samsung partnered with Ground X Corp., the blockchain affiliate of Kakao Corp., to create the Klaytn platform and subsequently the KlaytnPhone. The partnership is a clear sign of the major steps that the smartphone manufacturer giant is taking towards boosting the adoption of cryptocurrencies.

Initiatives to create devices with pre-installed apps and security features will simplify the learning curve allowing more people to become familiar with blockchain technology. Samsung is not the only one leading the push. HTC Corp. as well as Sirin Labs launched blockchain-enabled phones last year. “Whole Network,” a startup backed by Huobi, will formally unveil its Acute Angle smartphone next week.

“As the industry develops and as innovations like 5G become increasingly integrated into our telecommunications systems, we believe more and more crypto communities will want to trade and transact from mobile devices,” said Livio Weng, the CEO at Huobi Global.

Apple is another phone manufacturer to watch out for, with the corporation recently revealing its awareness and optimism towards the cryptocurrency industry.

“We’re watching cryptocurrency. We think it’s interesting. We think it has interesting long-term potential,” said Jennifer Bailey, vice president of Apple Pay, in an interview with CNN Business.

It seems smartphone makers are bullish on blockchain.

Filed Under: , Adoption, Technology
Ali Martinez

After Ali began forex trading in 2012 In 2014, he came across Bitcoin’s whitepaper and was so fascinated by the idea of a decentralized, borderless, and censorship-resistant currency that he started buying Bitcoin. By 2015, he started traveling to spread the word about Bitcoin.

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