The gaming cryptocurrency and altcoin Enjin Coin (ENJ) is up by more than 78% after the project was presented as an official partner of Samsung Electronics. The crypto news today showed that this partnership has speculatively increased the price of ENJ – mostly because of Samsung’s newest flagship smartphone S10 and its release.
The VP of marketing at Enjin commented after being contacted by CoinDesk, claiming:
“While I can confirm that we have an official partnership with Samsung, I’m not at liberty to disclose any other information at this point.”
In late February, Samsung presented the Galaxy S10 at MWC Barcelona 2019 and showed the Blockchain Keystore feature of the phone which is meant to house private keys to crypto assets – something that has drawn attention thanks to the flagship product’s predicted reach of 45 million users in 2019.
During the presentation of this feature, the company also displayed a photo that included the logo of the Enjin crypto gaming platform, which is how the speculations about Enjin wallet being added on the Samsung Blockchain Keystore on S10 actually started.
Currently, Enjin Coin (ENJ) is with a slight 10% increase and is trading at $0.241 at the 33th place in the cryptocurrency market cap.
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“By using Coinify, we are not running into the knife. It is still not clear to me how blockchain is any better than other database technologies. The transactions are so far more expensive and slower than a normal payment method. Decentralization brings only cumbersome improvements. None of the blockchains scale enough. But maybe I have not invested enough time and therefore understand too little how the blockchain ecosystem works.”Herren said that the decision comes after the prolonged bearish correction on the market where most of the crypto assets lost nearly a third of their value. Despite the fact that investors didn’t really get scared of the decline in prices, institutional adoption is still uncertain regarding making more profits. For example, back in 2018 in June, the Expedia hotel booking platform deleted Bitcoin out of their options and in the same year couple of months back, Reddit also stopped accepting cryptocurrency for its gold membership plans. Years back, Bitcoin became popular because of its attractiveness as a cheaper alternative for expensive payment processors. But as the technology got more popular, the network was unable to handle a higher number of transactions such as Visa or MasterCard and that’s why retailers didn’t choose crypto for making transactions. The Swiss retail giant brings bitcoin back into the retail game. However, traders who are into crypto or those who just hold on to it for better days can now use their coins to purchase something from the retail platform.
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