Samsung to Integrate Cryptocurrency Cold Wallet

Samsung has taken its enthusiasm for cryptocurrencies a step further and will be offering cryptocurrency-friendly features in its next mobile gadget. The smartphone giant plans to integrate cryptocurrency cold wallets in its upcoming Galaxy S10. Cold wallet (storage) generates and stores the crypto coin’s private keys in an offline environment. Samsung will now rank amongst the few companies offering phones featuring cold wallets for a secure cypto storage. BGR highlights that a cold wallet is typically kept offline most of the time; this is the reason why its more secure. And this is very much welcomed at a time when crypto exchanges and accounts are being hacked.

According to BGR the Galaxy Club revealed that Samsung has filed for several trademarks in the European Union that suggest the company is interested in blockchain space. “These are Blockchain KeyStore, Blockchain Key Box and Blockchain Core.” As per SamMobile, the company is also working on its own cryptocurrency service, which would most likely debut in the upcoming Galaxy S10. “Samsung’s crypto service will supposedly include a cold wallet for saving cryptocurrency, public and private keys and signing private keys for crypto transactions. A secondary wallet would manage transfers, account information and transaction history.” Users can rest assured that Samsung will not have access to the data stored in the cold wallet. Moreover, the users will be able to recover the contents via a standard 12 to 24-word phrase. “Samsung’s Bitcoin app will require authentication, which means that users will need to enter a PIN or scan a fingerprint to access the cold wallet.”

Samsung is not new to the crypto industry. Early 2018, the company began manufacturing ASIC chips which are used to mine Bitcoin and other cryptocurrencies. According to Coinnounce Samsung has set up a mining equipment manufacturing business to expand the capability of its vast scale foundry and the company’s cryptocurrency wallet. Samsung spokesman told TechCrunch that the company’s foundry business is currently engaged in the manufacturing of cryptocurrency mining chips. Crypto Traders Pro said Samsung currently produces high memory chips for GPUs, which might be utilized to deal with images on computers however, may also be set up for mining goals.

After HTC, Samsung is the second largest smartphone company to integrate blockchain solutions into smartphones.