Samsung and cryptocurrency
What is certain so far is that Samsung unveiled a brand new Wallet during the Unpacked event earlier this week. You will be able to store your IDs, credit cards, passwords, keys, and even your boarding passes. So you not only have to carry less, but you can access them anywhere. Samsung Wallet will also let you access and explore complex digital products, like cryptocurrency, with more ease too. The iPhone Wallet does not store passwords, though iOS does have a separate password manager of sorts thanks to Keychain.
Apple Wallet does not store cryptocurrency either. Using the Samsung Wallet on Galaxy S22 to make crypto transactions could be a nice addition to the phone. Image source: Samsung What do we know so far? But it does say that the Samsung Knox security suite can protect your blockchain keys. The Galaxy S22 Unpacked segment that followed the Wallet announcement covered those issues. The Samsung Knox platform will safeguard the contents of the Samsung Wallet.
With that in mind, the cryptocurrency management on the Galaxy S22 should be quite secure. The report shared few details on the potential upcoming offering or the platforms, but Samsung Securities might be looking into the best way to provide South Korean customers with cryptocurrencies, non-fungible tokens NFTs , and possibly tokenized securities.
In , the firm tried to build a team of experienced individuals in the blockchain industry, the development of smart contracts, and crypto exchange platforms. The report claims that Samsung Securities was unsuccessful. In addition to this firm, Mirae Asset Securities will launch a crypto asset business. The firm established a subsidiary called Mirae Asset Consulting and has begun the process of hiring personnel. Other Countries Might Follow The South Korean government, under new leadership, is working on a legislation project to provide the nascent industry with a clear regulatory framework.
The act is supposed to clarify which digital assets are classified as securities and which are non-security tokens. The new classification will also distinguish between digital asset custody services, wallet services, and others. More details are necessary to determine the potential implications of this project. However, the act seems like the right step in the direction of clearing the air for the nascent asset class in South Korea, taking it out of a grey zone. Time will tell if its effects will be positive in practice.
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But it is believed that initiatives such as those Samsung is taking up couples with Twitter, Telegram, and other efforts would speed up the process by a great margin in However, the margin of success is yet to be revealed, scaled, and optimized in the months to come. Saad B. Murtaza Journalist, Writer, Editor, Researcher, and Strategist with over 10 years of experience in the digital, print and public relations industries, Saad has been working with the mantra, Creativity, Quality and Punctuality.
In his waning years promises to build a self-sustaining institute that provides free education. Carrying a diverse portfolio he has studied and written on topics related to cyber crimes, scams, blockchain, and cryptocurrencies. Related News. The project is in the hands of teams from the Samsung Securities division, who are working on the development of such a service, of course based on the blockchain. If Samsung has been planning to enter the cryptocurrency sector for a while, the policy of Yoon Suk-yeol, the new president of South Korea since May , favoring this activity in the country, has motivated Samsung and other South Korean tech companies to accelerate their investments.
The leader encourages companies and individuals to invest in cryptocurrencies. Even raising the minimum taxable income on crypto gains to tax residents to take the plunge. Samsung could thus fill a void left by the sudden disappearance of all these players. As early as , the brand offered a secure crypto wallet on its high-end smartphone models.