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Samsung Crypto Wallet to come on budget phones

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According to a By CCN, South Korean Electronics Giant, Samsung Electronics is planning on bringing cryptocurrency and blockchain to more devices, especially the ones belonging to its flagship Galaxy series. This comes after Samsung had officially announced in February that it would be integrating the feature of the crypto wallet into its upcoming flagship device, the Galaxy S10. The wallet called “Samsung Blockchain Wallet” would enable users to store Ethereum-based ERC20 tokens.

According to Business Korea, a local publication, Samsung is planning to integrate its Samsung Blockchain Wallet into other devices even the ones that do not belong to Galaxy models, the list also includes phones that belong to the budget segment which according to statistics are utilized more than its flagship devices.

The senior managing director of the Product Strategy Team at the Wireless Business Division of Samsung Electronics, Chae Won-Cheol, said that the firm also plans to expand its crypto wallet services in U.S. and Canada in the near future.

The executive 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.”

Even though it has been three months after the launch of the wallet, the wallet can still not be used in other countries. Currently, the use of Samsung Blockchain Wallet is confined to users in South Korea. The company plans on expanding in the United States and Canada in the near future but an official date or even a tentative schedule hasn’t been released by the company on the rollout of this integration in other nations.

Per data provided by Canalys, a leading global technology market analyst firm, in Q4 of 2018, Samsung Electronics shipped 70.3 million smartphones and placed second in the competition with Apple leading by a fairly small margin. Samsung did beat Huawei, Oppo, Xiaomi, and others.

However, in the year 2018, combining all four quarters, Samsung Electronics emerged as the largest mobile phone distributor in the global market selling 293.7 million mobile phones.

This move by Samsung may encourage users to maintain control over their funds stored in crypto assets and could potentially reduce the risk of cybercrime attacks potential hacking attacks in the long-term as the dependence on third party service providers to store crypto assets drops. As crypto assets become easier to spend with increasing merchant adoption, the support for crypto assets by Samsung Electronics and its flagship devices may further fuel the pace in which cryptocurrencies are adopted as an alternative to existing currencies.

When Samsung first launched its crypto wallet, the tutorial read: “The blockchain is a new method that enables every user to store and process data in a decentralized ecosystem, and it is used in many areas. [Such areas include] secure distribution information confirmation, insurance and contract verification, copyrights management, content distribution, game items storage, crypto assets storage, and cryptocurrency transactions.”

The company considers blockchain to be a technology that could have a wide spectrum of possible applications in a multitude of industries and sectors such as insurance, gaming, payments, identity verification, and more.

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