Tech giant Samsung is no stranger to innovation. It has always been on the front lines and has developed, among other products, the world’s most popular brand of cell phones. When blockchain technology was starting to emerge, it also grabbed hold, eventually launching the Nexfinance platform to provide a blockchain solution for digital identities, insurance payments and virtual assistants. Now, it has stepped even deeper into the space and is going to include a cold cryptocurrency wallet with its upcoming S10 smartphone.
As revealed by SamMobile, a website dedicated to everything Samsung, the company had sought trademarks with the European Intellectual Property Office for a number of blockchain-related terms, including “Blockchain Keystore,” “Blockchain Core” and “Blockchain key box.” From there, the site did a little more sleuthing and uncovered the closely-guarded secret of the crypto wallet-enabled S10.
According to SamMobile, “Samsung’s cryptocurrency service will essentially have two parts. A cold wallet for saving cryptocurrency, public and private keys as well as signing private keys for cryptocurrency transactions and a crypto wallet for transfers, viewing account information and transaction history. Names for Samsung’s cold wallet and crypto wallet have not yet been finalized.”
From launch, the phone will support Bitcoin Core (BTC), Ether (ETH) and Bitcoin BCH. However, support for additional currencies will more than likely be added in the near future. As with most wallets, the account associated with the wallet will be stored on the blockchain with only the user having access.
The cold wallet, the Samsung Bitcoin application, will include an additional layer of security above that incorporated into the phone. Authentication will be required to access the device and then to access the wallet. So far, all that is known about the security is that fingerprint biometrics and a PIN will be incorporated.
This isn’t the first time a crypto-based wallet has been introduced – HTC has its Exodus 1 and Sirin Labs has the Finney. However, they will face some stiff competition from Samsung, which has a solid reputation in the smartphone industry. No word has been given about the phone’s price, but it will almost definitely be competitive with the $999 price tag of the Finney.
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