Samsung plans to introduce crypto and blockchain features in budget Galaxy phones

Maurizio Pesce from Milan, Italia [CC BY 2.0 (https://creativecommons.org/licenses/by/2.0)]

Samsung plans to introduce cryptocurrency and blockchain functions to its budget Galaxy models, Business Korea reported.

In a press release, the South Korean electronics giant said that it will make its digital wallet app available to lower-cost models and develop crypto features. Currently, the Samsung Blockchain Wallet is only integrated into its Galaxy S10, which was released last March.

“We will lower barriers to new experiences by gradually expanding the number of Galaxy models that support blockchain functions,” Chae Won-cheol, senior managing director of the Product Strategy Team at Samsung Electronics’ Wireless Business Division, said.

Samsung also revealed plans to team up with telecom companies in the areas of blockchain-based identification and local currency. Business Korea reported that SK Telecom is a leading company in blockchain-based digital identity verification and KT Corporation has taken the lead in local currencies.

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

Meanwhile, the Samsung Blockchain Wallet integrated into the Galaxy S10 is compatible only with ether (ETH) and ethereum-based ERC20 tokens. It can support four decentralized apps (dapps) including crypto gaming platform Enjin, beauty content sharing daap Cosmee, crypto collectibles platform CryptoKitties, and merchant payments service CoinDuck.

However, only three countries, namely Germany, Korea, and the United States, were able to access the crypto features of the S10. As for the budget Galaxy series, Chae said that “we will also expand our service target countries after Korea, the United States, and Canada.”

Other than its Blockchain Wallet, Samsung is also reportedly working on creating its own blockchain network and could issue its own native token “Samsung Coin,” according to CoinDesk. But the project is still in its “internal experimental” phase. It has also not been confirmed yet if a public, private, or hybrid blockchain will be developed.