Samsung Introduces Support For Cold Storage Wallets on Galaxy Phones
Users of Samsung Galaxy phones and their new line of products will now be able to access and trade crypto assets straight from their phones, regardless of storage location.
Samsung is the newest tech giant to push in hard for more cryptocurrency adoption, following its announcement on Friday. The South Korean company revealed via an official press release that its users can now maintain third-party cold wallets on Samsung Galaxy Phones. Samsung made a not too dissimilar announcement first in April 2019, after launching the Samsung Blockchain Wallet.
Since 2019, Samsung’s Blockchain Wallet has provided compatibility and support for select digital currencies like Bitcoin, Ethereum and TRON.
What is different with Samsung’s recent news?
Samsung’s new introduction makes its product compatible with certain popular third-party cold wallets approved by Samsung. This means Samsung users with cold storage wallets can now move their cold wallets to the Samsung Blockchain, making management of one’s wallets even easier and stress-free. By importing and managing all their assets and crypto in one secure and easily accessible location, Samsung Galaxy users can navigate and trade their crypto assets with utmost convenience.
The Samsung BlockchainWallet will be made compatible with a few select cold storage wallets, including Ledger Nano X and Ledger Nano S. Aside from compatibility with cold storages, Samsung’s Blockchain Wallet will also be aggregating stories and new updates from Coindesk to bring users up to speed.
Why is this important?
Samsung’s push for crypto adoption is significant. According to its 2020 report, the mobile phone provider holds about 20 percent of the global total smartphone market share, making it not only the largest android provider in the world, but also the biggest supplier of smartphones, leading companies like Apple and Xiaomi.
Samsung’s inclusion and evolution of the Blockchain wallet on its Galaxy devices might be one of the biggest statements in the push for crypto acceptance.
Blockchain Wallet Proves Samsung's Crypto Intentions
Samsung’s deliberate attempts to improve their blockchain product while researching ways to ensure ease for its crypto users is a proof of Samsung’s dedication to the evolution of the industry.
South Korean legislators enforced unpalatable changes to Korean’s crypto sphere earlier this month, but it does not seem like Samsung is planning to rest on its laurels, despite exchanges like OkEX quitting services in the country. In fact, it appears that Samsung is positioning itself as the dominant player in South Korea’s crypto industry. It’s wallet update is further proof of this.
Samsung’s VP and head of blockchain, Woong Ah Yoon, sees the Blockchain Wallet as an excellent compromise between the choice of cold storages and hot wallets.
“The Samsung Blockchain Wallet is not 100% cold storage but it’s not a hot wallet either,” Yoon said of the product. “It’s not susceptible to all the external attacks that could accompany an online connection. So it kind of sits in the middle of a cold wallet and a hot wallet; a warm wallet, you could say.”
The VP sees more products in line for the dApp and crypto industry in the near future.