Crypto wallet coming to Samsung’s budget Galaxy models

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Electronics giant Samsung has unveiled plans for the roll-out of cryptocurrency wallet technology in its latest generation of Galaxy smartphones, including budget models for the first time, Business Korea reported.

The plans come as part of a broader interest in blockchain technology and cryptocurrency, which the manufacturer said it would continue to expand across its smartphone product range.

The news follows the decision to include a cryptocurrency wallet in the latest Samsung Galaxy 10 model, a move which was widely credited with expanding the global reach of cryptocurrency payments.

With the same features set to be included on a broader range of its handsets, as well as budget models in the range, the move is expected to help blockchain technology reach an even more sizeable mainstream consumer audience.

Chae Won-cheol, senior managing director of the Product Strategy Team at Samsung Electronics’ Wireless Business Division, said the firm was planning to expand both the range of models available, and the countries in which those models will support the tech. He explained:

“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.”

The Galaxy S10 comes pre-loaded with the Samsung Blockchain Key Store, which allows users to store private keys, alongside the Samsung Blockchain Wallet app through which users can send, receive and store cryptocurrency with their device.

The firm is also set to cooperate with telecoms companies in South Korea, focusing on blockchain-based mobile ID cards and how local currencies can be integrated within its new blockchain platforms. Of its partnership with local telecoms firms, Samsung said it would next be focusing on more ways of implement the technology within its hardware.

“We will develop technologies for blockchain-based identification and local currencies by partnering with telecom operators,” Chae said.

Assuming Samsung continues with the roll-out of more preloaded blockchain and cryptocurrency-ready devices, millions of smartphone users worldwide could soon be introduced to the technology for the first time.