Samsungcoin? Samsung Reportedly Planning Its Own Digital Coin
After adding cryptocurrency support to the Samsung Galaxy S10, the company is reported to be considering creating its own asset, Samsungcoin.
Reports from Korean media point to the plans of Samsung to create its own blockchain and digital asset, Samsungcoin. The plans were revealed following the news that the Samsung Galaxy S10 would be able to support digital assets and protect private keys natively.
A person close to the matter stated that Samsung is in the research phase, testing various approaches to building its own blockchain. Initially, Samsung may test the waters with a private blockchain, later opening it to the public.
"Right now thinking of B2B as a private blockchain, but it has not yet been confirmed," said the unnamed source. "...could go public chain in the future, but I think it will go to hybrid type of public and private mixed right now."
Samsung will have to research the regulatory restraints, and whether regulations would allow it to launch its own coin. South Korea is strict when it comes to new token distributions, and the ICO model is already banned in the country.
"We expect Samsung Coin to come out in the market, but the direction has not been decided," the source added.
In an additional drive to expand into digital assets, Samsung has made a $2.9 million investment in Ledger, Korean sources told the local bureau of CoinTelegraph. Ledger has confirmed the investment without giving details. The startup has worked on the safest possible way to store private keys through hardware. Despite exploits and hardware hacks, the Ledger wallets remain some of the safest on the market.
Interest in digital assets remains high in Korea, with personal investment and direct interest in buying coins. Thus, Samsung has shown interest in positioning itself as a payment hub, including linking digital assets to the Samsung Pay technology.
With the recent reports, Samsung lines up with other major companies exploring the potential of digital assets. Recently, sources showed Facebook was working on a dollar-pegged digital coin. JP Morgan Chase also intended to launch its own asset for internal transactions and settlements.