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Samsung Electronics' Budget Galaxy Models to Feature Cryptocurrency Wallet
Throwing Weight Behind Blockchain Technology
Samsung Electronics' Budget Galaxy Models to Feature Cryptocurrency Wallet
  • By Kim Eun-jin
  • May 14, 2019, 10:41
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Samsung Electronics plans to load blockchain and cryptocurrency functions onto the budget Galaxy phones.

Samsung Electronics plans to expand the application of blockchain and cryptocurrency functions, which were loaded onto the Galaxy S10, to other Galaxy models such as the budget Galaxy phones.

The Korean tech giant also plans to cooperate with telecom companies in blockchain-based mobile identification cards (digital identity authentication) and local currencies. Currently, SK Telecom and KT are taking the lead in the digital identity authentication and local currency sectors, respectively.

When Samsung Electronics loaded a cryptocurrency wallet onto the strategic smartphone Galaxy S10, which was released in March this year, the move was expected to contribute to the expansion of the blockchain market. The company’s latest move is expected to further popularize blockchain technology.

"We will lower barriers to new experiences by gradually expanding the number of Galaxy models that support blockchain functions," Chae Won-cheol, senior managing director of the Product Strategy Team at Samsung Electronics' Wireless Business Division, said in an article posted on the Samsung Electronics News Room on May 13. “We will also expand our service target countries after Korea, the United States and Canada. "

Earlier, Samsung Electronics loaded the strategic smartphone Galaxy S10 with a “Samsung Blockchain Key Store” that can safely store private keys to blockchain-based services and “Samsung Blockchain Wallet” that supports payment and money transfers through cryptocurrencies.

Samsung Electronics plans to further enhance blockchain-based security and convenience functions. "We will develop technologies for blockchain-based identification and local currencies by partnering with telecom operators," Chae said. SK Telecom and KT are currently creating business opportunities in blockchain-based ID cards and local currencies.