Opinions

The Why: Samsung’s Integration of Crypto Cold Storage in S10 Series

There are a significant amount of crypto companies that have been looking to make their way in the mobile ecosystem, for the obvious reason of providing people with all things crypto on the go. And of course the smartphone companies didn’t choose to stay oblivious to this newfound market opportunity that they were presented with. Hence we have been seeing different phones and app stores offering crypto related applications. And apparently, the electronic giant, Samsung is also introducing something crypto related in its upcoming Galaxy 10.

According to the biggest Samsung online community, SamMobile, the developers at Samsung have actual plans to integrate a cold wallet system in the franchise’s newest addition. As per Adnan Farooqui, who is the senior executive editor at SamMobile,

 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.

 Of course the interest of the South Korean conglomerate in the budding business of cryptos isn’t exactly newfound. And it makes sense that the brand which projects so much dominance in markets around the globe in the areas of, insurance, online payment, asset management, car manufacturing, electronics, and property development etc, would want in on the newest market they could potentially dominate in the future.

Unlike other companies in the local market, Samsung made its debut in the cryptocurrency sector with a project that was solely dedicated to Bitcoin mining. For the purpose of which, the company developed mining equipment from its foundry based in Suwon, South Korea. The equipment then would be shipped to international distributors.

And for over a course of eight months, Samsung has been significantly increasing its mining business gradually. And in those months there have been several claims going around the market regarding the company’s involvement with Halong Mining in China and Squire in Canada. However, as of December, the partner distributors of Samsung’s ASIC mining chips remain unclear.

Samsung’s involvement in the mining business says a lot about its ideology when it comes to market expansion. The company clearly chooses to utilize its already existing resources for the purpose of expanding into new and emerging markets. As opposed to investing resources to create a completely new infrastructure in order to support it. The next target that Samsung has its eyes set on the cryptocurrency wallet sector.

So if you we look at Samsung’s decision from this particular point of view; firstly the company established a mining equipment manufacturing business as a means to maximize the potential of its large-scale foundry. Secondly, the company’s cryptocurrency wallet that is currently in development is to be built into its already popular Galaxy mobile phone series.

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

Reported the SamMobile publication.

With cryptocurrencies, it seems that the mobile development is going to step into a new era, where focus on hardware development might be rendered as less important and ultimately irrelevant.

Abeer Anwaar

Abeer holds a Bachelors degree in Media studies and covers blockchain startups for BlockPublisher. An optimist, excels in the art of the written word and swears by the joy of all things sweet. Contact the editor at editor.startups@blockpublisher.com

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