Samsung strives to become one of the largest players in the crypto industry

South Korean technology giant Samsung, creator of the Galaxy smartphone lineup, wants to become one of the largest players in the crypto industry.

Samsung strives to become one of the largest players in the crypto industry

While traders and Bitcoin investors are focused on reducing the remuneration of Bitcoin miners (halving), Samsung directly transfers the power of blockchain technology and cryptocurrencies to users.

Last week, the company, which accounts for 19% of global smartphone sales, unveiled its latest Galaxy range with the new flagships S20, S20 + and S20 Ultra.

These new 5G smartphones will also support the blockchain and cryptocurrency wallet introduced last year in the Galaxy S10.

Announcing the Galaxy S20, the company wrote on its blog:

“We created a secure processor dedicated to protecting your PIN, password, pattern, and Blockchain Private Key. Combined with the Knox platform, security is infused into every part of your phone, from hardware to software. So private data stays private.”

Samsung's Blockchain Keystore key vault was also introduced last year and initially supported Ethereum as well as other ERC-20 tokens. In August last year, users also had the opportunity to store private keys from their Bitcoin wallets.

Personal control over private keys is an essential aspect of cryptocurrencies. Major thefts could hardly have happened so often if digital coin users were better aware of the importance of holding private keys. This approach also makes cryptocurrency owners independent of exchange wallets and storage services.

The Proof of Keys movement led by Trace Mayer annually on January 3 calls on all cryptocurrency owners to “get rid of exchange wallets” so that users can independently control their coins.