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Samsung Launching Crypto Asset on Ethereum Blockchain, With Bitcoin (BTC) Wallet Support Still Nonexistent: Report

April 24, 2019

Samsung is reportedly gearing up to launch its own coin and mainnet based on the Ethereum blockchain.

Development is still in the early stages as the company works to determine exactly how it will utilize the technology, reports CoinDesk Korea.

“We expect Samsung Coin to come out in the market, but the direction has not yet been decided.

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…

If it is a public blockchain that anyone can participate in, such as Bitcoin or Ethereum, the so-called ‘Samsung coin’ issued here may be listed on the Codex Exchange. It means that individuals can buy and sell freely in the market.”

In March, Samsung rolled out a crypto wallet in certain regions on its flagship Galaxy S10 smartphone.

Initial reports indicated the Samsung Blockchain Wallet would support Bitcoin and Ethereum. However, at launch, it was revealed the wallet is only compatible with Ethereum and Ethereum-based private keys. According to CoinDesk Korea, the source made no indication that Samsung is working on Bitcoin integration.

“The Galaxy S10 password wallet also supports Ethereum and Ethereum-based ERC-20 tokens. We are developing into an Ethereum-based blockchain.”

Last week, the company also invested in ZenGo, a separate wallet app company, participating in a $4 million investment round, reports The Block.

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