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According to SamMobile, Samsung's largest online community, the electronics giant is planning to integrate a cold wallet system into its upcoming Galaxy 10.
Adnan Farooqui, senior executive editor of SamMobile, wrote:
"After hearing about the brands for the blockchain software and cryptocurrency Samsung, we decided to dig a little deeper.We can confirm that the company is developing one and that it could be launched with the Galaxy S10 . "
Reasons behind the integration of Crypto Wallet
From the beginning of 2018, Samsung, the largest conglomerate in South Korea that holds dominance over many of the country's major industries, including insurance, online payments, asset management, automobile manufacturing, electronics and real estate development, has shown its interest in the cryptocurrency sector.
Unlike other conglomerates in the local market, Samsung entered the cryptocurrency sector with a venture focused on the mining of Bitcoin, creating mining equipment from its foundry based in Suwon, South Korea, for shipping to international distributors.
Reports over the past few months have said that Samsung has worked with Halong Mining in China and Squire in Canada, but as of December, Samsung's partner distributors of ASIC extraction chips remain unclear.
For more than eight months, the company has progressively increased its mining business, and the cryptocurrency portfolio sector appears to be the next reference market for the company.
Samsung prefers to use and leverage existing resources to expand into new emerging markets rather than creating a completely new infrastructure to support it. The company has established a mining equipment production business as a means to maximize the potential of its large-scale foundry and the cryptocurrency portfolio of the company that is currently under development to be integrated into its famous series of Galaxy cell phones.
If the company has to enter the cryptocurrency trading market, which is involved in almost all major companies in the country including telecommunications, gaming, financial and insurance companies, it will have to build a new infrastructure from scratch, similar to that of Shinhan La bank did with Gopax.
Instead, the company decided to use the existing line of products to help strengthen the infrastructure surrounding cryptocurrencies as a class of activity.
According to SamMobile, if the wallet is integrated into the Samsung Galaxy S10, users will be able to import their data from portfolios such as MetaMask and Trust Wallet to make transactions natively with the mobile phone.
The publication reported:
"The Samsung cold wallet app will allow users to import their existing portfolios from third-party services like Metamask or TrustWallet, and they will also be able to create a new one in the app itself: cryptocurrencies and token initially supported may include Bitcoin, Ethereum, token derived from Ethereum ERC20 and Bitcoin Cash. "
Difficult times for companies focused on hardware
Companies that dominate the global mobile phone market including Samsung, Apple, HTC, Huawei and Oppo can easily integrate cryptocurrencies and provide native support for the asset class.
In the bull market of 2017, many projects have raised hundreds of millions of dollars, and one – Sirin Labs – claims to have raised almost $ 158 million in an initial coin offer (ICO) to create mobile phones with native support cryptocurrency to compete against the giants of the mobile market.
As companies like Samsung integrate cryptocurrency support, projects that focus on creating hardware could become increasingly irrelevant.
Images from Shutterstock
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