- This integration will provide all users of the Samsung Keystore access to the Stellar blockchain.
- XLM’s price performance has not had much movement since this announcement.
- Four Stellar-based including Satoshipay have committed to adopting SDKs to launch apps in the Keystore.
The Stellar Development Foundation, XLM’s creator announced that Samsung’s blockchain Keystore will integrate its payment system in the software development kit (SDK). Per the announcement, all users of the South Korean multinational conglomerate’s Keystore will be in a position to access Stellar’s blockchain. Through this integration, Stellar end users will also benefit from secure private key authentication.
According to the announcement, the SDK will allow coders to build apps running on the Stellar ecosystem by granting them direct access to the blockchain via Samsung Galaxy devices. By incorporating Stellar into the Keystore, crypto enthusiasts believe that this opportunity will open a gateway for similar networks. This is because Samsung has been particularly active in the crypto and blockchain space since it first launched its blockchain wallet in March last year.
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After the announcement, at least four Stellar-based have reportedly committed to adopting the necessary SDKs to launch their applications in the Keystore. These include DSTOQ, SatoshiPay, Litemint, and Nodle.
XLM continues trading sideways
Despite this bullish news, the price performance of XLM did not display significant gains. At the time of writing, the coin is up 0.635 to trade at £0.73, according to data from CoinMarketCap. This upward movement saw XLM’s market cap surge to £1.436 billion. As a result, the coin is currently sitting at the 14th position in CoinMarketCap’s top-100 list.
Commenting on this development, Denelle Dixon, SDF’s CEO, and executive director said,
“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.”
Samsung’s contribution to the nascent sector
Samsung’s Blockchain Keystore provides a solution to security concerns related to introducing the blockchain to mobile platforms. The store lets users use their smartphones like a cold wallet. This lets them store their private keys in a dedicated zone with the bolstered protection of its standard security app dubbed Knox.
Samsung crypto service also includes a crypto wallet, which allows users of its flagship Galaxy smartphones to transact crypto easily. It also provides access to dApps on their smartphones.