Why Samsung intends to incorporate crypto cold storage in its S10 series
The biggest online Samsung community, SamMobile has plans to incorporate a cold wallet system into its upcoming Galaxy 10.
The senior executive editor at SamMobile, Adnan Farooqui 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.”
Since the beginning of 2018, Samsung, the biggest conglomerate in South Korea has showed its interest towards the crypto sector.
Samsung came into the cryptocurrency sector with a venture aimed at Bitcoin mining and building mining equipment to be shipped to international distributors.
For some months now, Samsung has been reportedly working with Halong Mining in China and Squire in Canada, but till now, the partner distributors of Samsung’s ASIC mining chips is yet to be known.
For the past eight months, the company has been increasing its mining business gradually, and the crypto wallet sector appears to be the company’s next target market.
Rather than Samsung developing a new infrastructure to support it, it prefers to make use of its present resources to expand into new emerging markets.
A mining equipment manufacturing business was established by the company in order to maximize the potential of its large-scale foundry and the crypto wallet of the company.
If the company would be in the crypto exchange market, then a new infrastructure will have to be built from the ground up. Instead, the company has made a decision to make use of its present line of products in order to strengthen the infrastructure which surrounds crypto as an asset class.
According to the publication: “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.”