Sunday, 05 July 2020

Samsung plans to bring cryptocurrency features to more Galaxy devices

In the run-up to the launch of the Galaxy S10, there were many rumors and leaks that Samsung’s latest flagships will come with a cryptocurrency wallet and blockchain features.
The news generated a lot of buzz as Samsung, the world’s largest smartphone vendor, investing in cryptocurrency and blockchain technologies was seen as a major win for the crypto market.

The rumors were true as Samsung indeed brought a cryptocurrency wallet named Samsung Blockchain KeyStore to the Galaxy S10 lineup. However, the company’s foray into the crypto market is not as ambitious or aggressive as many hoped it would be. Availability of the Samsung Blockchain KeyStore is severely limited, and it doesn’t support any of the major cryptocurrencies yet.

More devices and more markets

Nevertheless, it appears the Korean company is still interested in the cryptocurrency market and plans to bring its wallet and blockchain features to more Galaxy devices. In a post on Samsung Newsroom for Korea, Chae Won-cheol, senior managing director of Product Strategy at Samsung’s Wireless Business Division said, “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,” he added further. The post doesn’t offer any specific details about upcoming devices and is more of a generic expression of interest. We have to wait and see if and how any of this translates into real products and services in the near future.

There is growing saturation in the smartphone industry, forcing manufacturers to experiment and find new avenues for growth. Investments by these companies in cryptocurrency and related technologies can be seen as part of this strategy. Interestingly, it’s not just the world’s largest smartphone vendor that is testing waters in the crypto market. Even HTC, whose smartphone business has been on a downward spiral, is betting its future on blockchain phones.

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