Samsung to Bring Crypto Support on Budget Galaxy Phones

South Korean electronics giant Samsung is set to add cryptocurrency storage support to its budget phones, the company confirmed in an official post.

The leading phone manufacturer first entered the digital asset market by introducing crypto storage services in its flagship Galaxy S10 lineup.

“We will lower barriers to new experiences by gradually expanding the number of Galaxy models that support Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term functions,” Chae Won-cheol, senior managing director at the company, noted in a May 13 post in the company’s official newsroom. “We will also expand our service target countries after Korea, the United States, and Canada.”

Will @Apple work out a way to enable $crypto Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term in the same way that @FlexaHQ has but with Apple Pay? Have a feeling they could potentially unveil something crypto related at #WWDC19 next month as they need to compete with @Samsung who are already in crypto - THINK!? ?

— Peta₿yte Capital (@PetaByteCapital) May 14, 2019

Betting big on blockchain

The Korean conglomerate is also planning to launch a blockchain-based mobile identification card and local currencies and is already in talks with two telecom giants - SK Telecom and Korean Telecom.

“We will develop technologies for blockchain-based identification and local currencies by partnering with telecom operators,” Chae added.

Samsung is also heavily investing in blockchain technology, and, according to media reports, the company is also developing its own blockchain on the top of Ethereum. In addition, it is also planning to introduce its own digital currency.

Samsung’s S10 phones use Samsung Blockchain Key Store to safely store private crypto wallet keys on the devices. The company also developed its proprietary wallet platform - Samsung Blockchain Wallet - which supports Ethereum and ERC-20 tokens. Though the company did not say anything officially, it has been anticipated that the company will extend its storage support for Bitcoin as well.

Apart from the crypto storage platform, the phones also support decentralized applications (DApps) like crypto gaming platform Enjin, beauty community Cosmee, crypto collectibles platform CryptoKitties, and merchant payments service CoinDuck.

Last month, Finance Magnates reported that Samsung invested €2.6 million (around $2.9 million) in French crypto hardware wallet manufacturer Ledger.