Samsung makes another move to support the crypto industry

By: Ali Raza
Ali Raza
Ali plays a key role in the cryptocurrency news team. He loves travelling during his spare time and enjoys… read more.
on May 14, 2021
  • Korean tech giant, Samsung, recently announced the next level of support for cryptocurrencies.
  • The company will now start supporting hardware crypto wallets, allowing users to easily manage funds.
  • Phones will be able to connect to Ledger Nano X and S, thus making them more convenient.

As the crypto prices are skyrocketing, countless companies, institutional investors, and, of course, retail investors are rushing towards the industry, making it grow bigger with every single day. Adoption is advancing faster than ever before, and it seems as if cryptocurrencies are all that anyone is talking about these days.

The latest example of this came only hours ago after Samsung Electronics published an announcement that its users will now be able to access and trade their coins directly from Galaxy smartphones.

What dos this mean for Samsung?

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According to the announcement, the latest Galaxy update will allow traders and users of crypto’s underlying technology, the blockchain, to process transactions quickly and easily by transferring wallets to the Samsung Blockchain.

More than that, Samsung’s Galaxy phones will be able to connect to the leading hardware wallets, such as Ledger Nano X, or Ledger Nano S. There will even be a news feed that will providing the latest stories from Coindesk, granting users a quick and easy way to get notified of new developments.

Of course, Samsung has been connecting its devices with the crypto industry for some time now. Its Samsung Blockchain Wallet has been around since 2019, and it expanded enough to offer services for Bitcoin, Ethereum, all ERC tokens, TRON and its TRC tokens, and in doing so, it became a rather decent dApp-friendly wallet.

There is also its in-house software development kit that will allow outside creators to make their own apps, and provide various services. As of right now, there are more than 40 dApps that Samsung’s blockchain has to offer, with more likely to come in due time. These existing ones are quite diverse, too, ranging from social media and video games to finance, and more.

Samsung’s position in the crypto sector is interesting, particularly since it is a Korean company. As some may know, earlier this year, the Korean financial watchdog cracked down on crypto exchanges, enforcing a new list of regulations that included some advanced licenses. Unable to get them, many exchanges decided to shut down their actions in the country. But, that only leaves more room for massive tech giants like Samsung to potentially take over their share of the market, if it offers the right services at the right time.

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