The latest reports claim that Samsung could bring cryptocurrencies into the ecosystem via Samsung Pay which is its flagship digital payments platform.
We recently reported that Samsung’s new flagship might be on its way with something that would massively support the whole crypto space – an integrated wallet for cryptos.
Tech junkies have recently received the confirmation that they have been waiting for a long time. The launch date for the phone has been made public and it’s February 20.
Why is this important?
CCN reported that an industry official spoke to The Korea Herald and said that the integration of a crypto wallet by Samsung and Samsung Pay could trigger mass adoption of crypto.
He explained: “The arrival of the new Samsung phones could start popularization of the cryptocurrency wallet system in Korea.”
Samsung is South Korea’s largest conglomerate, and they showed an enhanced interest in using cryptos in commerce since last year.
Samsung Insights highlighted that mobile devices are more secure regarding storing crypto due to the presence of a Trusted Execution Environment (TEE).
Higher protection from hackers
On laptops and PCs private keys to wallet addressed are stored in the same memory as the OS. In case of a hack, the hacker could very easily gain access to the data.
“If a wallet stores the private keys on a normal persistent store (such as a hard disk or SSD), whether on a standard Windows PC or in a smartphone, a bit of malware can easily get access to them. If those private keys are in the TEE and only accessible via a trustlet, there’s no possible way the malware can extract the keys directly,” Joel Snyder from Samsung Insights explained.
Samsung did not release an official statement yet to confirm or deny these rumors of a crypto wallet integration into its new flagship phone, but such a thing would definitely make sense.
After finishing Theatrical Journalism at the Faculty of Theatre and Television in Cluj-Napoca, Rada reviewed movies, books, theatre pieces and she also wrote articles from the IT niche as a content editor for software producers. At the moment, she is working with various online advertising firms.