The South Korean tech giant Samsung is reportedly hard at work on their latest innovative addition to the Galaxy S phone series. As reported by news site SamMobile, Samsung has been developing a cryptocurrency wallet application which is set to launch next year with the currently unreleased Galaxy S10.
According to the report, the app will feature a “cold wallet” intended to store cryptocurrencies and user private keys and a separate “hot wallet” which would be used for cryptocurrency transactions. No names have been finalized as of yet but if the recent blockchain related patents filed by Samsung are anything to go by then we could see names like “Blockchain KeyStore“, Blockchain Keybox“, and “Blockchain Core” appearing on our smart devices sooner rather than later.
Additionally, the report indicates that users will be able to import existing wallets from several key wallet providers such as TrustWallet and Metamask. Initially, the rumored wallet is set to support Bitcoin, Ethereum, Bitcoin Cash as well as a host of other ERC-20 tokens.
The cryptocurrency wallets created using the app will be stored on the blockchain and remain completely anonymous with Samsung having no access to the data. That means that users will have complete control over their own wallets. To ensure safety, Samsung is working on an additional layer of security which would require user authentication such as fingerprint or PIN code.
Despite the recent cryptocurrency market downturn, the electronics giant has made a clear choice in the direction Samsung is taking. With the recently announced “blockchain smartphone” from HTC “Exodus 1” it makes sense that one of the largest smartphone manufacturers in the world will want a piece of the action. This news is further confirmation that businesses still believe in blockchain technology and are willing to invest accordingly with their future growth going forward.