Samsung to Introduce a Crypto Wallet in S10--Rumour or Reality?

Samsung to Introduce a Crypto Wallet in S10–Rumour or Reality?

Smartphone heavyweight Samsung Electronics is quietly building blockchain and cryptocurrency features into its much-awaited upcoming flagship smartphone, specifically hoping to lure crypto aficionados. Are blockchain and cryptocurrency Samsung’s means to regain lost ground in the smartphone market?

Also read: Lightning Network Goes to Congress as Specter of Crypto Policy Grows

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A Glimpse at a Leaked Samsung Crypto Wallet

Leak visualizer Ben Geskin was one of the first to release multiple images of an inbuilt cryptocurrency wallet dubbed “Samsung Blockchain KeyStore” on Samsung’s S10 smartphone. However, as of now, there has been no official announcement from the South Korean electronics giant.

Geskin tweeted:

The screenshots indicate that the Blockchain Keystore is a cold wallet that will allow users to store private keys. Apart from that, users will have the option to either import or create the new crypto wallet. Although the leaked images show only Ethereum as one of the supported cryptocurrencies, it’s likely that the so-called crypto wallet would support bitcoin, Bitcoin Cash, and ERC20 tokens.

According to the leaked images the Blockchain KeyStore is touted as a “secure and convenient place for your cryptocurrency”.

Samsung smartphone

Winning Lost Turf With Cryptocurrencies

The term Blockchain Keystore rings a bell, as last year in December Bitsonline reported that Samsung had filed three crypto-related trademarks, one being the aforementioned. However, the South Korean smartphone powerhouse has been tight-lipped about its blockchain and crypto-related developments. At the time, a company official did not deny the trademark applications, but stated that the filing has stirred rumor and speculation.  

Reportedly, Samsung has witnessed a loss of over 10 percent of its smartphone market share in 2018 and hence is eyeing blockchain and cryptocurrencies to regain lost ground. As cryptocurrencies have become a hot topic, companies globally are testing new products targeting the ever-growing crypto community.  

Much of Samsung’s market share reduction has been due to its Chinese rivals such as Huawei. However, last year even Huawei had revealed plans to develop a smartphone with inbuilt blockchain applications.

Specifically hoping to lure crypto enthusiasts, Taiwan-based phone manufacturer HTC recently shipped its first lot of blockchain-powered smartphones, dubbed the Exodus 1. The phone comes with an inbuilt crypto wallet application.

However, if Samsung is to launch a blockchain wallet in a smartphone, then it would mark the first foray into the space by a major smartphone maker. This would offer positive news for crypto lovers, as they would no longer need to buy a special device to store their crypto wealth. The move would also be a step closer to bringing cryptocurrency to the mass market.

Will Samsung have an inbuilt crypto wallet in their new phone? Share your views in the comments section below.

Images via Pixabay

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