Apr 24, 2019 20:30 UTC
May 2, 2019 at 21:28 UTC
Is Samsung Making A Real Foray Into The World Of Crypto and Blockchain?
With the introduction of in-built crypto support in the new Galaxy smartphones, electronics giant Samsung made a significant move in the crypto world.
They are currently working on the development of their own blockchain network since about an year and talks are already on about issuing their own coin.
Samsung block chain might indeed become a reality with the creation of a blockchain mainnet based on Ethereum, although it might be too early to delve into further details.
According to sources, soon after the blockchain is introduced, Samsung will continue developing its activities in this sphere and will start moving forward the issuance of its Samsung Coin token. Although, exact details are yet to be disclosed.
If speculations are to be believed, after the introduction of a public network by Samsung, traders will have an opportunity to work with the company’s token on external crypto exchanges just like they buy and sell ETH or BTC. There is a possibility that Samsung will take a decision to integrate its Samsung Pay app used for payments with blockchain tech. But no announcements on this issue have been made.
The crypto wallet introduced by Samsung seemed to be rather controversial for investors as it hasn’t support of a BTC wallet service and is focused on Ethereum. But if the company develops its own ERC-20 token and an Ethereum-based blockchain protocol, such a move will become absolutely clear and sensible both from the point of view of developers and users.
On April 24th, hardware cryptocurrency wallet manufacturer Ledger secured 2.6 million euro ($2.9 million) from Samsung. The multi-million dollar investment comes less than a week after Samsung Ventures led a $4 million round in ZenGo, a startup developing keyless crypto wallets.
Based on the investment of Samsung in ZenGo and Ledger, it’s clear that the company is favoring startups that ease the process of using cryptocurrencies in day-to-day operations.