Shaurya Malwa · 8 hours ago · 2 min read
Samsung is planning to extend its crypto and blockchain support to its range of Galaxy phones, according to a local report.
In an article from Business Korea, Chae Won-cheol, senior managing director of the Product Strategy Team at Samsung Electronics’ Wireless Business Division, said:
“We will lower barriers to new experiences by gradually expanding the number of Galaxy models that support blockchain functions. We will also expand our service target countries after Korea, the United States and Canada.”
Back in March, the Korean-based giant released its Galaxy S10, equipped with a cryptocurrency wallet—the Samsung Blockchain Wallet—to store coins and public and private keys. First announced in February, it was also revealed that the device would have a secure private key storage made specifically for blockchain-enabled mobile services.
Notably, though, despite the Bitcoin logo appearing on early pre-release images, the wallet only supports ether and Ethereum-based ERC-20 tokens at present. However, given the fact that Bitcoin was initially presented on the images, it’s thought that support for the number one cryptocurrency may eventually be rolled out at some stage.
Causing a stir in the crypto world, there was speculation that the use of the blockchain could spur adoption of it. With this latest report, it seems that the technology company is taking further steps to achieve this.
Aside from expanding on its range of Galaxy models to include crypto and blockchain functions, Won-cheol stated that the company is keen to boost security and convenience through the aid of “blockchain-based identification and local currencies by partnering with telecom operators.”
Talks are thought to be underway with SK Telecom and Korean Telecom.
Other phone companies that have branched into the crypto industry include HTC with its Exodus 1 smartphone and Sirin Labs’ Finney. With little competition currently around, Samsung’s move to include more of its Galaxy range could help push it to the front of the adoption race.
Samsung to Create Its Own Blockchain?
This, of course, isn’t Samsung’s first venture into the blockchain industry.
Last year, Samsung SDS, a subsidiary of the tech giant, announced that it was considering the blockchain for supply chain solutions. However, more recently, it was revealed on a Medium post that the tech company is developing its own public-private blockchain mainnet based on Ethereum. This could also result in its own token—the Samsung Coin— in 2020.
In a post from April, it read:
“Samsung is joining the fledgling token economy it would seem. Samsung according to sources, is thinking of a private blockchain, though it is not yet confirmed. It could also be [a] public blockchain in the future, or some kind of hybrid—that is, a combination of public and private blockchains.”