Samsung Galaxy S10 Leak Shows Built-in Cryptocurrency Wallet

Recently leaked images of Samsung’s upcoming flagship smartphone model, the Galaxy S10, appear to show the device will come with a built-in cryptocurrency wallet called the Samsung Blockchain KeyStore app.

In the leak, the app directly names Ethereum and claims it’s a “secure and convenient place for your cryptocurrency.” Users will be able to import their wallets and use biometric authentication for security.

Earlier leaks appeared to show Samsung’s cryptocurrency wallet will allow for both hot and cold storage on the same device, although in December of last year the tech giant denied rumors that claimed t was launching a cold storage crypto wallet for the Galaxy S10.

As covered, however, Samsung has back in July of last year made it clear it has been paying attention to the cryptocurrency space, as it noted through a blog post that smartphones are the safest devices to store cryptocurrency.

The Galaxy S10 is set to be revealed during Samsung’s Unpacked event on February 20, where the company is also set to show off a functional version of its new foldable smartphone. Notably, the S10 wouldn’t be the first phone with a built-in cryptocurrency wallet.

SIRIN Labs’ FINNEY was launched back in November, and was the world’s first “blockchain phone” as it included an embedded fully separate cold storage wallet, and a built-in decentralized application center (dCENTER).

The HTC Exodus 1 is also now available for purchase with cryptocurrency only. It’s a blockchain-encrypted phone that offers easy access to security-based decentralized applications (dApps).

Other companies moving into the crypto space include Opera, which is behind a popular Android browser that now includes a built-in cryptocurrency wallet.

Chinese Yuan 'Inversely Correlated' with Bitcoin, Amidst US-China Trade Wars

Since January 2018, China and the US have been involved in an intense trade war in which both countries have significantly increased tariffs on imported goods and services.

Due partly to the rising tension between the two countries, the Chinese yuan (CNY) has been losing value against the USD. During the same time period, the price of bitcoin (BTC) and other major cryptoassets has been surging.

As noted by the South China Morning Post (SCMP), the value of BTC, the world’s most dominant cryptocurrency, increased by 26.5% to $7,878 during the time period from May 5 to May 17. Notably, US President Donald Trump had announced on May 5 that he would further increase tariffs on goods imported from mainland China.

Chinese Yuan Weakens as Nation’s Government Responds to Increased Tariffs

The SCMP pointed out that the yuan dropped to its lowest level since the past six months after the Chinese government responded to Trump administration’s decision to impose higher tariffs on China.

Commenting on the price fluctuations of both the yuan and bitcoin, Garrick Hileman, a Macroeconomics Researcher at London School of Economics (LSE) and Head of Research at Blockchain.com, remarked:

We are observing a strong inverse correlation between the [Renminbi] RMB’s value and bitcoin, meaning that recent RMB declines over trade tensions have been closely matched by increases in the value of bitcoin.

“Correlation Does Not Necessarily Equal Causation”

Hileman also mentioned that we “cannot be 100% certain” that the bitcoin price has been increasing due to heightened concerns regarding trade tensions and the corresponding decline in the value of the yuan. The blockchain researcher stated:

Trade tensions and declines in the RMB’s exchange rate as correlation does not necessarily equal causation.

Hileman, who earned his Phd from LSE, revealed:

This is not the first time we’ve seen significant increases in the value of bitcoin taking place alongside yuan concerns.

He added that there’s “growing recognition of bitcoin as ‘digital gold’ and it being used as a hedge against various macroeconomic risks.”

“This Year, the Narrative Is Bitcoin, Bitcoin, Bitcoin”

According to the SCMP, bitcoin’s price may have surged recently due to the generally positive remarks made about it at the Consensus 2019 conference.

Meltem Demirors, the Chief Strategy Officer at CoinShares, a crypto treasury management firm, has also confirmed recently that the narrative this year has been mostly about Bitcoin. Demirors revealed that both institutions and retail investors are “feeling good” and are “more confident” about the long-term potential of Bitcoin and the evolving ecosystem that supports it.