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Samsung joins the crypto space bandwagon



Samsung, which is a mobile phone giant from South Korea, is soon taking a lead in the crypto space.

Even though currently many people in the crypto world are looking forward to Bitcoin’s halving, Samsung is working on how it can be a driver of Bitcoin, crypto, and blockchain adoption.

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Samsung crypto trend

Its latest range of Galaxy smartphones, which are 5G models, has been made to support the crypto space by having a built-in bitcoin and cryptocurrency wallet. According to Samsung, the latest phones have been made with a secure processor that will make sure that your pin, password, pattern, or blockchain private key is secure. For more security, the system will be integrated with the Knox platform so that both the hardware and the software of the phone are very secure.

Samsung introduced its Blockchain KeyStore for storing the private keys. It was initially meant for Ethereum tokens but is expanding to accommodate other coins with adding Bitcoin by August. With a Samsung device that has a Blockchain KeyStore, users can be confident that their private keys are safe on their device.

We all know that compromise of the wallets’ private keys is what leads to theft, and thus by Samsung solving that problem, it will be already ahead of the pack. Many users want to have control over their private keys as opposed to storing them in an exchange.

Changing trends

The fact that Samsung is working on crypto adoption, it does not mean that other mobile companies are not doing the same. Even if they are not, they are bound to follow the trend soon.

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Apple, for example, is rumored to keep a close eye on cryptocurrencies. Its executive Tom Cook, however, cleared the air that Apple is not working on its cryptocurrency like Facebook.

There is no doubt that the adoption of Bitcoin and cryptocurrencies are growing at a fast rate. Apart from Samsung, Twitter is also mainstream in driving its adoption.

The New York Exchange owner Bakkt is keen on cryptocurrencies and last year he dropped a hint that NYSE is working on an app for cryptocurrency purchase in 2020.

Starbucks has also partnered with Microsoft and Boston Consulting Group on a crypto project.

From the trends, there is a clear picture that the crypto space is growing fast and thus it is not something we can do away with.

Image from https://www.flickr.com



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