A new report is in the latest crypto news where Samsung Electronics, one of the leading tech names, is officially looking to add high-profile crypto integration for the newest smartphone, the Galaxy S10.
According to The Korea Herald and its reports, Samsung is now set to integrate a cryptocurrency wallet in the Galaxy S10 – scheduling it well over a month before the formal release of the Samsung Blockchain Wallet on February 21.
On top of this, industry sources told the publication that Samsung Pay, which is a popular and used digital payments application system with more than 10 million active users, is also behind the Galaxy S10 and its cryptocurrency wallet.
According to an industry executive:
“The arrival of the new Samsung phones could start popularization of the cryptocurrency wallet system in Korea.”
Another report from a mainstream media in South Korea named Donga shows that Samsung Pay considers cryptocurrency integration as a way to expand its user base all over the world. The report read:
“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.
According to Donga, the user base behind Samsung Pay has grown by more than 58% from 2017 to 2018, rising to a staggering number of 6.6 million users.
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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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