South Korean tech giant Samsung Electronics is reportedly planning to add its cryptocurrency wallet to budget Galaxy smartphones, and work with local telecom firms on blockchain-based initiatives.
As covered, Samsung’s recent flagship model range, the Galaxy S10, included a built-in cryptocurrency wallet, as well as what appear to be ‘blockchain tutorials’ for its private key storage solution. Through a recent announcement, the company revealed it’s expanding the range of Galaxy smartphones with these features, and make them available on more jurisdictions.
In the announcement, the senior managing director of Product Strategy at Samsung’s Wireless division, Chae Won-cheol, stated:
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.
According to a report published by Business Korea, the South Korean tech giant is planning to cooperate with telecom firms like SK Telecom and KT (formerly Korea Telecom) on blockchain-based mobile identification cards, and more.
When the tech giant initially added a cryptocurrency wallet to the Galaxy S10 various analysts believed it was extremely bullish for the cryptocurrency space, but soon after it was revealed the wallet wasn’t widely available.
The company’s recent move is now expected to be bullish for the crypto market, and to help popularize the use of blockchain technology. Over the last few months it has been focusing more and more on the nascent technology, and is even reported to be building its own Ethereum-based blockchain, which could include a “Samsung Coin” token.
Samsung initially filed a trademark application for a cryptocurrency wallet back in December of last year, and has since then been slowly entering the crypto and blockchain space. Recently, it invested $2.9 million in crypto wallet startup Ledger.