Samsung to Include Cryptocurrency Functionality in Budget Galaxy Models
Handling one's cryptocurrency payments might just get easier in Samsung's upcoming Galaxy models, which will include native applications that assist with this.
Samsung wishes to make it easier for purchasers of its smartphones to adopt cryptocurrencies by including a native mobile cryptocurrency wallet in its upcoming Galaxy S10 and budget models, according to a report by local publication Business Korea.
“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,” said Chae Won-cheol, senior managing director of the product strategy team at Samsung.
He added that this development will also include technology for “blockchain-based identification and local currencies” through partnerships with telecom companies.
The ability to access cryptocurrencies through budget phones should allow a greater number of people access to adopt blockchain products. However, Samsung might have another additional motive behind this inclusion to its default stock of applications.
Only a few weeks ago, an unnamed source speaking to local Korean news revealed that the smartphone manufacturer could be working on a new cryptocurrency. Since ICOs are banned in South Korea, it could technically piggyback its coin on the native cryptocurrency app in its phones.
This also ties into a $2.9 million investment that the company made in Ledger, a producer of hardware-based cryptocurrency wallets. Ledger has so far not provided details on the investment, but the confirmation proves that Samsung has an interest in the cryptocurrency market.
The anonymous source said that Samsung Coin could be expected to “come out in the market, but the direction has not been decided.” Combined with its interests in facilitating payments in fiat through Samsung Pay, the inclusion of a wallet in newer budget releases as well as the Galaxy S10 suggests that the company also wishes to dive into the cryptocurrency market.
Samsung could not have picked a better time to do this, as the market for Bitcoin—by far the most popular cryptocurrency in use—has taken a swing upwards after the long chill that was 2018’s bear market.