The Stellar Development Foundation – creator of the XLM cryptocurrency – today said its payment system will be integrated into the software development kit (SDK) of the Samsung Blockchain Keystore, which helps users manage private keys. This integration also provides Stellar end users with secure private key authentication.
All users of the South Korean multinational conglomerate’s Keystore, a critical part of Samsung’s blockchain initiative, will be able to access Stellar’s blockchain services. The SDK also allows coders build apps running on the Stellar ecosystem by giving them direct access to the blockchain via Samsung Galaxy devices.
With Stellar being integrated into the Keystore, the crypto enthusiasts believe the move opens the door for similar networks, particularly as Samsung has been active in the space since it first released its blockchain wallet in March 2019.
Stellar is an open-source payment technology that shares several similarities with Ripple. Both coins shared the same protocol initially and were also co-founded by the same person, Jed McCaleb. Much like Ripple, Stellar also aims to connect financial institutions and reduce the cost and time required for cross-border transfers.
At the time of announcement, at least four Stellar-based businesses have committed to adopting the requisite SDKs to make their applications available in the Keystore, including DSTOQ, SatoshiPay, Litemint, and Nodle.
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Stellar, however, showed a muted reaction to the news. Its native coin XLM climbed to about 9.3 cents, up 1.6 percent on the day, according to CoinMarketCap. That gave the digital currency a market value of about $1.8 billion, making it the 14th largest cryptocurrency by market cap.
“Stellar’s integration into the Samsung Blockchain Keystore is a significant step for our network and the incredible ecosystem of applications built on this platform. Samsung provides a key management solution that is user-friendly and drives greater adoption of blockchain technology. With this integration, we’ve opened up to a new network of users that can benefit from the combined innovation of Stellar and Samsung,” said Denelle Dixon, CEO and Executive Director of SDF.
Samsung Blockchain Keystore addresses security concerns related to bringing blockchain to mobile platforms. The store allows users to use their mobiles like a cold wallet, storing their private keys in a dedicated zone with the additional protection of its standard security app Knox.
Samsung’s crypto suite also included enabling a wallet app, which allows users of its flagship Galaxy smartphones to make cryptocurrencies transactions and easily access DApps on their smartphones.
Samsung’s push into blockchain is expanding even further with some rumors suggest that eventually, Samsung Pay will sync with the Keystore wallet so people can pay for goods and services with cryptocurrencies.