Samsung plans to equip its budget phones with cryptocurrency wallet functionality

Low-cost mobile devices of the South Korean phone manufacturer will support blockchain and allow users to store digital coins on their devices, according to the official press-release published by the company. 

The company first introduced the cryptocurrency storage functionality in its flagship Galaxy S10 lineup, thus entering the crypto space. 

“We will lower barriers to new experiences by gradually expanding the number of Galaxy models that support blockchain functions. We will also expand our service target countries after Korea, the United States, and Canada,” senior managing director of the company Chae Won-Cheol commented.

The electronic giant is also working on a blockchain-based mobile identification card. The company is negotiation the partnership with two local telecom giants – SK Telecom and Korean Telecom. 

“We will develop technologies for blockchain-based identification and local currencies by partnering with telecom operators,” Chae said. 

Samsung is also heavily investing in blockchain technology and, according to a media report, the company is also developing its own blockchain on the top of Ethereum. In addition, it is also planning to introduce its own digital currency. 

Samsung. is known for its deep interest in blockchain. The company has created its own wallet platform – Samsung Blockchain Wallet. Currently it supports Ethereum and ERC-20 tokens, however, the market participants anticipate that Bitcoin support will also be added soon.  

Apart from wallet functionality, the phones support several decentralized applications (dApps) including famous CrypoKitties and merchant payments service CoinDuck.