While cryptocurrencies took a large hit in 2018, with investors capitulating en-masse, 2019 has already been shaping up to be a great year for this nascent ecosystem. Case in point, one of the world’s largest technology conglomerates, the Seoul-based Samsung, has hinted at offering an integrated Bitcoin & Ethereum wallet.
Leaked Samsung S10 Has Bitcoin, Ethereum Wallet
As reported by Live Coin Watch previously, in mid-December, tech media outlet SamMobile issued an exclusive report regarding Samsung’s affiliation with Bitcoin. Via the expose, which cited governmental documents, the outlet revealed that the technology powerhouse issued trademarks for both crypto & blockchain products, named Blockchain KeyStore, Blockchain Key Box, and Blockchain Core.
The trademarks purportedly pertained to offerings that would be installed/installable on the Galaxy S10 — the firm’s next flagship device. In a comment issued to CoinTelegraph on the matter, unnamed Samsung spokespeople were unable to confirm (or deny) whether the news held credence. According to transcripts taken from “private correspondence,” the organization’s representative wrote:
“Unfortunately we are unable to provide any information as the below is rumour and speculation.”
Just weeks later, photos arose that effectively rebuked the Samsung comment. According to Android Authority, who managed to procure the leaked images of the supposed S10 device, with its hole-punch ‘notch,’ infinity display, and all, which displayed the so-called “Samsung Blockchain KeyStore.” Buzzwords aside, it’s a crypto wallet.
The images, gathered by concept designer Ben Geskin, showed that the wallet purportedly only supported Ethereum. This is contradictory to previous reports that revealed that the wallet offering, supposedly secured via biometrics and recovery phases, would support Bitcoin, Ethereum, Bitcoin Cash, and ERC-20 tokens.
However, considering that the leaked image showed images of bitcoins, the final list of supported cryptocurrencies is likely to be much longer than just Ethereum.
Again, this is unconfirmed hearsay. Yet, the company is expected to take to stage in late-February to finally unveil the milestone of a device.
If the Blockchain KeyStore will arrive on consumers’ devices in a few months’ time, what will that mean for the broader crypto ecosystem?
Well, as put by Joseph Young, a leading crypto journalist formerly of Live Coin Watch, noted that in his “humble opinion,” Samsung’s offering may have a bigger impact than an “ETF and Bakkt combined.”
He explained that common Joe consumers aren’t aware of Bakkt or crypto-related investment vehicles, but would understand if Samsung were to add a newfangled application to their devices.
I, myself, think that the product is also important from an endorsement perspective. As I stated on Twitter, not only would millions be exposed to the cryptosphere, but it would show that the South Korean technology heavyweight endorses Bitcoin.
Totally in agreement here. Not only would millions be exposed, but it would show that Samsung effectvely endorses #bitcoin too. Endorsement is just as important as infrastructure imo.
I mean, Samsung wouldn't integrate crypto if they didn't believe in it… right? https://t.co/tFMgAWSAcy
— Nick🎄 (@_Nick_Chong) January 24, 2019
2019: Turnaround Year For Crypto?
While the arrival of a Samsung-endorsed crypto integration likely won’t catalyze a rally/recovery, this recent development shows that this sector is ready to tackle 2019 head-on, even while prices have remained depressed.
Just recently, ConsenSys bagged a partnership with Levi Strauss & Co., along with two other firms. And in terms of blockchain fundamentals, research recently arose that $3.3 trillion worth of value was transacted on Bitcoin during 2018. With the two aforementioned developments in mind, along with an array of others news, there is a chance that this industry could begin to turn around in 2019.