Samsung Group, the Electronics Giant is considering developing its own Ethereum-based blockchain along with its own token. The new token will also be launched on the Etehreum blockchain according to the rumors that reached our altcoin news and will later be converted into its own blockchain. The new blockchain will likely be a fork of Ethereum.
According to CoinDesk Korea, the Samsung Group tech giant planned to launch its own blockchain earlier, also based on the ethereum-blockchain. The new token was known to the public as the ‘’Samsung Coin’’ and aims to be used for the public-private blockchain of the company. According to reports:
“Currently, we are thinking of private blockchain, though it is not yet confirmed. It could also be public blockchain in the future, but I think it will be hybrid – that is, a combination of public and private blockchains. The market expects Samsung Coin to come out, but the direction has not yet been decided.”
The Samsung Group itself was not really into providing much information on the subject. However, the announcements did point out the plan of the company to venture into the crypto world. Samsung already showed a lot of interest in the blockchain technology and cryptocurrencies after they decided their Samsung Galaxy S10 phone to have in-built support for cryptocurrencies including Ethereum (ETH).
Also, Samsung Group is known to be a strong supporter of the crypto industry after it invested in the hardware wallet producer Ledger. The investment that Ledger has secured from Samsung was 2.6 million Euros ($2.9 million) – something that follows the appointment of Pascal Gauthier which is the firm’s former president as its new CEO. Right now, the former CEO Eric Larcheveque will be redirected to the Executive Chairman of the Ledger’s Board position.
As previously reported in our latest cryptocurrency news, the Korean tech giant is secretly exploring the ETH-based ERC20 token in order to develop its own mainnet and the company even introduced the ERC20 wallet that is now featured on the new Galaxy S10 smartphone.
On top of this, industry sources told the publication that Samsung Pay, which is a popular and used digital payments application system by the Samsung Group itself, with more than 10 million active users, is also behind the Galaxy S10 and its cryptocurrency wallet.
E-Commerce Giant Rakuten Launched Its Own Crypto Exchange
“The app also features many useful functions that allow customers to effectively manage their crypto assets, such as confirmation of assets deposited in Rakuten Wallet, the purchase and sale of crypto assets, and real-time chart rate confirmation.”According to the company, all of the wallets will be separating the crypto assets from the investors and from the company itself via trust accounts provided by the Rakuten Trust. With the crypto industry hack overload in Japan, this represents a good move to satisfy the financial services agency of the country. Rakuten Wallet is expected to make a boom on the market and according to the analyst Joseph Young, the company has a customer base of more than 1.2 billion individuals making it among the most important companies. The Rakuten Wallet is only expected to operate in Japan with a population of more than 130 million. The Japanese Yen accounts for more than 10% of all global bitcoin trading volume so as according to Young, the actual share that the Yen has of the crypto market is much larger because the Japanese exchanges are known for not inflating their volumes. As noted in the latest cryptocurrency news, the country’s companies have long been known as adopters of new technologies and Rakuten wallet will only boost the adoption of cryptocurrency in the country.
Silvergate Bank Will Expand Services Including Cryptocurrency Lending
Telegram Open Network Will Finally Launch On October 31st
“Telegram was the first big project that legally prohibited investors from selling their allocation. Investors usually just share their allocations with friends, without signing documents.’’The purchase agreement which was written for Telegram by the US legal powerhouse Skadden, Slate, Meagher, and Glom LLP according to one investor stipulates that the buyers of grams may not offer pledge, swap, sell and encumber or dispose of their tokens directly and indirectly. The investors may sell any securities convertible into or exercisable or exchangeable for the investment contract between an investor and the company. The issuance of the tokens is conditional upon the investors’ compliance with the rule. One investor stated for the latest cryptocurrency news:
The future issuance of tokens is conditional upon the investor’s compliance with this rule. If Telegram learns the investor broke the agreement, it can cancel the allocation.
Blockchain CEOs Tired Of The South Korean Regulation: Report
‘’Experts point out that domestic blockchain projects are flocking to foreign exchanges largely due to tougher domestic cryptocurrency exchange market conditions. Investors cannot make or withdraw deposits in the Korean currency at Korean exchanges’’If we don’t include the nation’s four largest exchanges, some of the 200 smaller exchanges cannot even open real-name virtual accounts and this is one of the reasons why crypto investors cannot benefit from the protection systems. The international players such as China’s BW.com, Bitholic and Binance Labs sense the demand from South Korea hence they are either opening Korean won markets or in this case, Binance Labs is only sponsoring the blockchain efforts. Only this week, Japan as one of the governments that openly claim to foster crypto exchange innovation while still has a strict licensing scheme added another platform to its domestic economy in the form of Rakuten Wallet. These moves are also impacting other exchanges and market players' share of the market. As a result the South Korean exchanges are less appealing in 2019 because of the low volume and out of the top one hundred in the world, there are only a few exchanges that are located under the jurisdiction in Seoul. Other issues faced by the local include added responsibility for loss or theft of the customers’ funds. Earlier this month, the commentators warned that the existing restrictions on cryptocurrency by the regulators will throttle attempts to foster blockchain innovation as read in the latest cryptocurrency news:
“It is no exaggeration to say that 97 percent of domestic exchanges are in danger of going bankrupt due to their low volume of transactions’’
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