Budget smartphones by the South Korean tech giant Samsung will have crypto and blockchain features according to the local media Business Korea reports that reached our coming altcoin news today.
According to the report, the blockchain-related and crypto-based functionality included in the new Samsung S10 will be included in other Galaxy smartphones models as well. The tech giant will also cooperate with telecommunications companies in order to develop blockchain-based mobile identification cards and local currencies. More on the budget smartphones, Chae Won-Cheol who is the managing director of the product strategy team at Samsung Electronics’ Wireless business Division, had something to say:
“We will lower barriers to new experiences by gradually expanding the number of Galaxy models that support blockchain functions. We will also expand our service target countries after Korea, the United States and Canada.”
As previously reported in our latest cryptocurrency news, at the end of February, the new Galaxy S10 series budget smartphones which were released by the South Korean titan, will reportedly have wallet functions for Bitcoin (BTC) and Ethereum (ETH) and two other tokens. At the end of April, a source stated that the crypto industry news outlet Samsung might even develop a public-private blockchain with its own token.
Also, during this week, HTC also announced a budget smartphone based on the blockchain which will be released around Q3 in 2019 with a full BTC node. The phone will also have in-wallet ERC-20 token swaps. Samsung Electronics aims to expand the application of cryptocurrencies and blockchain which are engraved in the Galaxy S10 but also to other Galaxy models. The Korean tech giant also plans to cooperate with SK Telecom and KT in order to improve digital identity authentication and local currency sectors.
When Samsung Electronics launched a crypto wallet on their budget smartphones, the goal was to contribute to the expansion of the blockchain marketplace. The company now aims to expand more and to popularize blockchain technology. Previously, Samsung launched the Galaxy S10 with a ‘’Samsung Blockchain Key Store’’ that is capable of storing private keys to blockchain-based services. Also, they launched the ‘’Samsung Blockchain Wallet’’ that supports money transfers and crypto payments.
“We will develop technologies for blockchain-based identification and local currencies by partnering with telecom operators.’’
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“Currently, you can invest in seven cryptocurrencies on Robinhood Crypto: Bitcoin, Bitcoin Cash, Bitcoin SV, Ethereum, Ethereum Classic, Litecoin, and Dogecoin. You can also track price movements and news for those and 10 additional cryptocurrencies.”Crypto enthusiast has avoided going to New York because the state has a very stringent regulations system for the crypto sector. For some, BitLicense is a classic move of regulation-before-innovation which is a law that creates an unnecessary burden for small startups by making them go through expensive procedures. For example, there is a $5,000 fee to NYDFs with no approval guarantee as well as the $45,000 worth of legal paperwork as it was revealed by one of the BitLicense applicants Coinsettler Jaron Lukasiewicz in 2015. Costs like these have influenced many New York startups to find a place with a friendlier crypto climate such as California or even European countries such as Switzerland. At the same time, crypto startups that managed to build a financial foundation for themselves, now are trying to find a comfortable place while entering New York. As mentioned in the altcoin news previously, Robinhood is the 10th company in a period of four years that received a BitLicense. According to the vice president of product Josh Elman, this decision to go into Wall Street is ‘’a crucial next step.’’:
“We’ve introduced millions of people to equity investing on Robinhood, and want to do the same for everyone interested in crypto.”The Fintech startup now has six million users around the US and by entering New York Robinhood plans to add a few million more. Their networth reached $5.6 billion after the last funding round that closed in March 2018. In the meantime, Robinhood managed to raise about $539 million capital so far.
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“Samsung Electronics appears to be moving to integrate cryptocurrencies to Samsung Pay, which accounts for 80 percent of the South Korean simple payment market. The company has recently transferred the blockchain task force (TF) of the mobile business division to the service business division.’’Previously in 2018, the Korea Herald reported that Samsung Pay made a 58 percent increase in its users base. The industry tracker WiseApp found that the platform was mostly used as a financial application in late 2018 where more than 10.4 million users got their hands on it. In 2017, the platform had about 6.6 million users which make an incredible step forward for Samsung. The 10 million users represent the 20 percent of the entire South Korean population and the platform has also thousands of users around the world that use the application because of its technology called magnetic secure transmission. This technology enables users to transact at a conventional point of sale terminals. Now, the strategy of Samsung Pay is to make sure that a niche market is secured and will expand its user base even further. Samsung already integrated a crypto wallet-the Samsung Blockchain Wallet back in February along with its Samsung S10 device which allows users to send, receive and hold cryptocurrencies in the built-in wallet. The South Korean altcoin news outlet Donga noted:
‘’Samsung Pay has recently extended the transaction period for overseas users and integrated an international payment processing service, aggressively targeting the global financial services market.’’With reports suggesting that the tech giant is considering the possibility of launching a blockchain network, it is expected that Samsung will continue to march forward to target the rapidly growing sector. Under the leadership of the current vice president of the business division Kim Yong-Jae, the blockchain task force at Samsung has started new other crypto projects.
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