Cryptocurrency wallet to be built into Galaxy series
Samsung Electronics has provided blockchain wallet users with the possibility to transfer all virtual assets to the Samsung Blockchain Wallet in their Galaxy series smartphones running Android 9.0 or higher versions. Thus, the company has made it possible to manage all cryptoassets by using a secure single service.
In addition to introducing a common cryptocurrency wallet in their smartphones, Samsung has introduced the function of connecting to hardware or cold wallets like “Ledger Nano S” and “Ledger Nano X” to store and manage digital assets offline.
The Samsung Blockchain Wallet was proposed in 2019 for storing the keys of crypto wallets. Today, it supports Bitcoin, Ethereum, ERC-20 token on the Ethereum platform, TRON, and TRC-20 token on the TRON platform. To ensure the trading of digital assets, Samsung Electronics entered into an agreement with the American Gemini, which is considered one of the safest and most reliable cryptocurrency exchanges.
For the security of the mobile blockchain, Samsung uses Knox technology – an application with encrypted storage with keys, and information protection isolated from the operating system. In addition, information is protected by the processor with access through a PIN code or using a fingerprint. The Samsung Blockchain Wallet will also host a news feed from the expert publication CoinDesk about cryptoassets to track their positions and quotes.
According to the Vice President of Samsung Electronics, Woong Ah Yoon, along with the development of support for hardware wallets, the company offers increased convenience and exceptional security. Woong Ah Yoon also talked about plans to introduce support for more cold wallets. The Vice President noted that the Samsung Blockchain Wallet (cryptocurrency wallet) cannot be hacked, and it is not a completely cold storage of digital currencies, but something in between cold and hot.
A cold or hardware wallet, similar to a USB stick or a plastic card, only connects to the network at the time of the transaction. In contrast, hot or software wallets are connected to the network all the time and are suitable for those who frequently trade or buy cryptocurrencies.