Samsung Sees a Future in Crypto, Exploring Blockchain Tech

One of the world’s leading tech companies appears to be entering the crypto market in full force if you believe the news coming out of Korea over the last few days. Nothing is confirmed yet, but it’s being reported that Samsung has been secretly working on creating their own blockchain with the possibility of releasing their own crypto coin in the near future. Samsung has already explored the crypto industry through other ventures. However, creating a blockchain network is a major commitment to a growing industry. It would also give the crypto market a massive boost in credibility and value.

Also read, Ohio Becomes First U.S. State To Allow Businesses To Pay Taxes With Bitcoin

Samsung’s Crypto Ventures

In February, Samsung released its latest Galaxy S10 phone and it featured a crypto-wallet that created a lot of buzz throughout the entire crypto universe. The wallet is designed to allow crypto investors the ability to store their private keys on the smartphone. However, the wallet is limited as to which coins that it’s compatible with. For now, it’s only ERC20 tokens, but Samsung does intend on adding more coins in the future especially Bitcoin.

Another example of Samsung’s crypto confidence is that the global powerhouse just invested roughly $3 million dollars into a crypto startup company called Ledger. For those crypto enthusiasts, the name Ledger is well known as they offer the most popular hardware wallets to store private keys.

From their own device to investing in a popular hard wallet, Samsung is clearly unafraid to invest into the crypto market. And, it shouldn’t be a surprise that a powerhouse like Samsung is entering a new technological and financial frontier. Crypto is starting to spread throughout the world and into just about every industry from gambling at the best cryptocurrency betting sites to grocery shopping, buying coffee, ordering pizza, paying bills and so much more.

Also read, Small and medium enterprises to be benefited by blockchain

Details on Samsung’s Rumored Blockchain

Details are scarce about this rumored blockchain, but the unconfirmed reports state that the blockchain will be built on the Ethereum network. Additionally, it’s unclear if Samsung will have a public or private blockchain. An anonymous source within the company says that Samsung has been working on this project for at least the last year. That probably coincides with when Bitcoin hit its all-time high of $20,000 in late 2017.

Samsung isn’t the only global powerhouse rumored to be working on their own blockchain. Other worldwide brands like Microsoft and Facebook are also working on creating their own blockchains.

As far as their coin goes, it’s “undecided” as to whether or not the company chooses to release one. Currently, market experts assume that Samsung will. And, crypto investors hope that they do because it would create a tremendous opportunity to invest in a reputable, established brand.