Blockchain

Is Samsung Pushing for Crypto Adoption Reportedly Through Bitcoin?

In the past 8-9 months, Samsung has attracted a lot of attention from the cryptosphere, thanks to the launch of its crypto-friendly smartphone edition.

News portal Crypto Daily, quoted Chae Won-Cheol, senior managing director of the Product Strategy Team at Samsung Electronics Wireless Business Division as saying, “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.”

Earlier this year in February, Samsung finally unveiled its four new flagship phones which was slated to have a secure feature for private keys, effectively turning the device into a cryptocurrency hardware wallet for Bitcoin and altcoins.

A press release had said, “Galaxy S10 is built with defense-grade Samsung Knox, as well as a secure storage backed by hardware, which houses your private keys for blockchain-enabled mobile services.”

Samsung sparked rumours of a cryptocurrency wallet in December when it filed for a patent for a cryptocurrency wallet. At the time, it didn’t reveal much about the wallet, which left people pondering on a lot of questions. For example, would it be a standalone hardware wallet or a smartphone with cryptocurrency wallet? Was it really going to be a product or Samsung filed this patent only to be on the safe side?

Another news portal, CryptoSlate quoted, “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.”

Last month, a Medium post speculated that Samsung was developing its own blockchain network which would likely result in its own token in 2020.

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The post Is Samsung Pushing for Crypto Adoption Reportedly Through Bitcoin? appeared first on Crypto-News India.

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