The electronics giant plans to integrate a cold wallet system into its upcoming Galaxy 10, according to SamMobile, the largest online Samsung community.
Earlier in 2018, Samsung, South Korea’s largest conglomerate, which dominates many of the country’s major insurance, online payment, asset management, automotive manufacturing, electronics and property development sectors, has demonstrated its interest in the cryptocurrency sector.
Senior executive editor at SamMobile, Adnan Farooqui highlighted:
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 entered the cryptocurrency sector with a venture focused on Bitcoin mining, creating mining equipment from its foundry based in Suwon, South Korea to ship to international distributors.
If the company is to enter the cryptocurrency exchange market, in which almost every major company in the country, including telecommunications, gaming, financial and insurance companies, is involved, it will have to start building a new infrastructure, similar to what Shinhan Bank did with Gopax.
According to SamMobile, if the wallet gets integrated into the Samsung Galaxy S10, users will be able to import their data from wallets such as MetaMask and Trust Wallet to transact natively with the mobile phone.
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, The publication reported.
Throughout the past several months, reports claimed that Samsung has been working with Halong Mining in China and Squire in Canada, but as of December, the partner distributors of Samsung’s ASIC mining chips remain unclear.
This is awesome and a lovely thing for all Samsung users.
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