Samsung claims that the recently emerged Samsung Coin cryptocurrency is not being issued by the smartphone maker, despite having a trademark issued.
According to a report by CoinDesk on July 19, Samsung has denied any official connection to the Samsung Coin. While the company made headlines earlier in the year for itsbuilt-in crypto wallet on the Galaxy S10 smartphone, Samsung is not planning to issue its own native token.
On Friday, news surfaced that a South Korean individual was attempting to file a trademark for Samsung Coin. According to filings with the Korean Intellectual Property Office (KIPO), a trademark application was registered and submitted on July 10 by Kim Nam-jin in both English and Korean. The application was filed under computer-related programs, including “electronic money card,” and “electronic encryption device.”
The original assumption was that Samsung was preparing to issue a native token for its Galaxy S10 application, which integrates crypto wallet support seamlessly with the smartphone. Samsung has also previously been tied to the development of its own blockchain technology utilizing ethereum.
However, the South Korean-based company claims to have no connection to Samsung Coin or the recently filed trademark. In a statement to CoinDesk, a spokesperson said,
“We don’t work this way.”
It’s possible Samsung is trying to obscure the development of a native token until a more opportune time, particularly following the political firestorm created by Facebook’s digital currency.
Instead, it appears the individual who filed the patent is attempting to capitalize on Samsung’s development into the space of blockchain and crypto. The same individual has previously submitted trademarks applications related to cryptocurrency for other major technology companies, including “ThinQ Wallet.” LG has been tied to the development of a similarly named application, which seeks to create a smartphone wallet for crypto products.
Nonetheless, Samsung is one of the more high-profile companies in the industry of tech to support crypto. The S10 wallet marks the first flagship smartphone to offer seamless, built-in crypto support.
While the company could still decide to issue a native token for its devices, fans of Samsung smartphones should ignore the most recent trademark filing.