Rumors floating around the Internet indicate that Samsung, one of the world’s largest technology corporations, is hell-bent on launching a mobile Bitcoin (BTC) cold storage solution.
Samsung May Launch Bitcoin Cold Wallet
According to an exclusive report from SamMobile, a resource focused on Samsung’s business operations, the multinational, multi-faceted giant likely issued trademarks for both cryptocurrency and blockchain products, named Blockchain KeyStore, Blockchain Key Box, and Blockchain Core.
The outlet’s Adan F. stated that the “company is indeed developing [software],” which could first come under the public spotlight during the release of the Galaxy S10 — the firm’s next flagship device.
An offering will purportedly have two parts — a cold storage solution for cryptocurrencies, which will lock down private keys in a secure enclave, and a fully-fledged wallet that will presumably resemble its rivals in Bread Wallet, Blockchain.com, and comparable applications. Samsung’s proposed wallet will purportedly list BTC, Ethereum (ETH), ERC-20 tokens, and Bitcoin Cash (BCH) as supported assets.
While SamMobile fleshed out its piece on the matter, some are skeptical that the world-renowned institution will go ahead with its plans, especially considering the rut that cryptocurrencies have been situated in.
However, 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.”
So for now, it can only be assumed that the Seoul, South Korea-based firm is only in the midst of the product’s earliest days, with no concrete plans of bringing such an offering to market.
Could Samsung Be Trying To Oust HTC’s, Sirin Labs’s Crypto Devices?
Samsung’s latest crypto-related foray comes just weeks after Sirin Labs, a crypto startup that raised $158 million amid 2017’s ICO boom, further unveiled the Finney smartphone, and just days after Taiwan-based HTC saw its first batch of Exodus (blockchain- and crypto-friendly) devices arrive at consumers’ homes.
Keeping in mind that the primary function of Sirin Labs’s Finney and HTC’s Exodus is cold storage for cryptocurrencies, such as BTC and ETH, some have gone as far to state that Samsung is trying to force its foot into the cryptocurrency door, ousting industry competitors in the process.
And interestingly, Samsung may succeed in its crypto ventures. Per reports from Bitcoinist, reviews of the HTC Exodus have begun to spring up across the web — and the results are underwhelming. A review conducted by BitsBeTrippin didn’t show the Exodus in a good light, as the Youtuber was unable to connect the device to cellular towers — something that budget phones don’t even experience.
The Finney, while prematurely lauded as a game-changer by some, isn’t expected to perform much better, as many are doubtful that a first-time phone manufacturer will make a proper splash, so to speak.
Commentators now expect that if Samsung’s preliminary prototype succeeds, and if there’s a demand for mobile cryptocurrency applications, the firm could further foray into this nascent industry.