Samsung Galaxy S10 may come with a cryptocurrency cold wallet

Posted: 12 December 2018 6:24 pm
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Samsung reportedly has crypto-shaped plans in the works.

Update: In a press release dated 20 February 2019, Samsung has confirmed that the Galaxy S10 has a built-in cryptocurrency hardware wallet.

The HTC Exodus and Sirin Labs Finney are vying to be the first blockchain smartphone on the market, but a possibility for the second blockchain smartphone might be emerging from Samsung's direction.

SamMobile reports that Samsung is definitely developing a cryptocurrency wallet, which might be making an appearance on the Samsung Galaxy S10.

Half and half

Samsung's wallet plans reportedly come in two parts.

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The first (or second, it's not a competition) part is the cold wallet. This will be a separate offline data storage element, presumably found inside the phone itself. Held offline as it is, there's no chance of remote cryptocurrency theft.

The second (or first) part is the hot wallet app. This online app is intended to serve people's needs for making transactions and actually using their cryptocurrency.

Both parts are expected to interface with each other for a solid combination of usability and security. Essentially, the cold wallet in the phone can sign transactions in the hot wallet app when needed.

The app component will be the interface for making new transactions, and will serve as a way of checking transaction histories or account information.

It's expected that Samsung's cold wallet will let people import existing hot wallet balances from select third-party wallets such as MetaMask, and might initially include support for BTC, ETH and other ERC20s as well as BCH.

While you might be tempted to dismiss the news – which might still be closer to a rumour – as Samsung hopping onto a hype train or adding the feature to satisfy only a tiny fraction of its customers, it may also be worth noting that integrated blockchain and cryptocurrency applications can have a pronounced positive effect on the things you can actually do with your phone.

Adding practical and usable cryptocurrency features, beyond the purely speculative, could serve as a useful competitive edge.

It's also worth noting that Samsung phones have a whopping 65% market share in South Korea, which is perhaps the world's most cryptocurrency-keen country.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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