Samsung Is Embracing Crypto Wallets

Centralization is the plague that no one feels it exits. This is the era of 5G while our traditional banks and governments stick to the conventional methods that not only delay simple transactions but also put unwanted censorship. The intermediary role charges additional costs and there’s nothing to gain from the process. Blockchain adoption is making the world realize that freedom exists and it exists right at their fingertips.

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With the blockchain implementation, Samsung is seemingly becoming the Bitcoin, crypto, and blockchain player. The Korean giant smartphone company shares 19% of the global smartphone market share by selling over 272 million units in 2021 alone. This market reach will encourage crypto adoption and widen the blockchain community even more.

Samsung blockchain is focused on ‘reshaping the mobile experience and accelerating the business opportunities. The crypto wallet provides multichain support to many cryptocurrencies, including Bitcoin, Stellar and Ethereum. The wallet was developed to help bring new lads to crypto by keeping it super easy to use through a simple interface. Samsung Blockchain Keystore makes the wallet super-secure by keeping the private keys separately stored from the android operational system (OS) to protect the private keys and to sign the transactions.

The wallet is capable of storing digital currencies and personal information like your vaccination card and driver’s license. The added security of Blockchain Keystore protects users’ data against any kinds of hacks. The ARM architecture will prevent any cyberattacks on your phone OS. Nothing to worry about as your private keys are NOT a part of the Samsung OS.

Cold storages are more secure compared to online wallets as anything connected to the internet is prone to hacking. Although Samsung Blockchain Wallet is immutable due to the Samsung Blockchain Keystore, Samsung offers hardware wallet support for its over-concerned users. Samsung Blockchain wallet supports hardware wallets like Ledger Nano S and Ledger Nano X to secure the crypto assets in offline ‘cold storage’.

Samsung has added the support for Decentraland, a Virtual Metaverse World, in their wallet.  With this update, Samsung Wallet users can now enjoy exclusive access to access the virtual world, store NFTs, and buy and sell virtual land through their wallets.

Conclusion

Samsung is going beyond crypto coins to NFT and Metaverse world. The company recently announced to dole out NFTs worth 2 ETH for those who pre-order Samsung’s New Galaxy S22 Smartphone or the new Tablet S8. Samsung is also diving into developing Metaverse devices and will use robot tech as its business growth tool. With so much bringing to the table, Samsung is really setting a bar for its competitors in the Android arena and will soon come toe to toe with the blockchain players.

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sources: twitter, samsung

author: mnmansha

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.