Why Samsung Plans to Integrate Crypto Cold Storage in its S10 Series
December 13 2018 - 4:54AM
ADVFN Crypto NewsWire
According to SamMobile, the biggest online Samsung community, the electronics giant is planning
to integrate a cold wallet system into its upcoming Galaxy 10.
Adnan Farooqui, the senior executive editor at SamMobile,
wrote:
“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.”
Reasons Behind Crypto Wallet Integration
Since early 2018, Samsung, the largest conglomerate in South Korea that has dominance over many of the
country’s major sectors including insurance, online payment, asset
management, car manufacturing, electronics, and property
development, has demonstrated its interest towards the
cryptocurrency sector.
Dissimilar to other conglomerates in the local market, 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.
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.
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For over eight months, the company has been gradually increasing
its mining business, and the cryptocurrency wallet sector
seems to be the company’s next target market.
Samsung prefers to utilize and leverage its existing resources
to expand into new emerging markets rather than creating an
entirely new infrastructure to support it. The company established
a mining equipment manufacturing business as a means to maximize
the potential of its large-scale foundry and the company’s
cryptocurrency wallet that is currently in development to be built
into its popular Galaxy mobile phone series.
If the company is to enter the cryptocurrency exchange market, which nearly every
major company in the country including telecommunications, gaming,
financial, and insurance companies are involved in, it will have to
build a new infrastructure from the ground up, similar to what
Shinhan Bank has done with Gopax.
Instead, the company decided to utilize its existing line of
products to help strengthen the infrastructure surrounding
cryptocurrencies as an asset class.
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.
The publication reported:
“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.”
Difficult Times For Hardware-Focused Businesses
Companies that dominate the global mobile phone market including
Samsung, Apple, HTC, Huawei, and Oppo can easily integrate
cryptocurrencies and provide native support for the asset
class.
In the bull market of 2017, many projects raised hundreds of
millions of dollars, and one — Sirin Labs — claims to have raised
nearly $158 million in an initial coin offering (ICO) to
create mobile phones with native
cryptocurrency support to compete against the behemoths of the
mobile phone market.
As companies like Samsung integrate cryptocurrency support,
projects that focus on creating hardware could become increasingly
irrelevant.
Source:
CCN
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