With cryptocurrencies drawing much interest among investors today, Samsung has leveled up a key feature in its Galaxy phones that should be quite attractive to traders of digital tokens such as Bitcoin and Ethereum
As News18 reported, Samsung makes it easier for cryptocurrency traders to manage and trade their virtual assets from third-party wallets, such as the Ledger Nano S and Ledger Nano X2 using the Samsung Blockchain Wallet on their Galaxy smartphones. This means crypto assets in cold hardware wallets and soft wallets can be managed and stored from within the Samsung Blockchain Wallet, which was initially launched in the Galaxy S10 in 2019.
Samsung Blockchain Wallet Secures Private Crypto Keys
This Blockchain wallet utilizes the Samsung Blockchain Keystore to secure the user's private crypto keys, which are safely stored outside of the phone's system and OS for better security. It is further enhanced by the phone's defense-grade Samsung Knox security platform, DG India reported.
This information is protected by a secure processor and can only be retrieved through the user's PIN or fingerprint.
Read Also : Digital Wallets Are Big News in Fintech
The Galaxy blockchain offers a consistent user experience, handling crypto assets from one convenient location. What's even more convenient is that users can keep up with the latest cryptocurrency trends using a dedicated newsfeed in the app, which loads the latest updates from cryptocurrency news provider CoinDesk.
Samsung Blockchain Wallet Supported Coins: Bitcoin, Ethereum, and More
Samsung Blockchain Wallet has expanded to support cryptocurrencies such as Bitcoin, Ethereum, ERC tokens, Tron (TRX), and TRC tokens. It also lets Galaxy users use decentralized apps (DApps), which authenticate digital asset exchange using blockchain technology, Gadgets 360 revealed.
Samsung likewise made its Blockchain SDK available for developers to build DApps that could easily generate, store and manage blockchain accounts and allow the processing of API transactions that are dedicated to specific ledger systems. These APIs would allow the DApps to securely sign for virtual asset transfers using the third-party hardware wallets.
Samsung isn't really the first manufacturer that offered a blockchain on its phone models. HTC offered the same blockchain technology in its Exodus 1 phone launched in 2019, but it never took off, as the model lagged in sales.
Having a convenient tool like the Samsung Blockchain Wallet could really help investors unify their crypto-assets under one source, thus streamlining the entire experience.
Samsung Blockchain Wallet to Support Other Popular Coins in the Future
Presently, as mentioned, users can only store and manage Bitcoin, Ethereum, Tron, ERC20 and TRC tokens in the Blockchain Wallet. As such, newer assets like Dogecoin, Chia and Safemoon are still not supported. However, with their current astronomical rise in price value over recent months, Samsung is sure to include these cryptocurrencies in the future.
Soon, more manufacturers will carry blockchain wallets, such as Samsung, with more traders using unified, centralized wallets in their trading.
Related Article: iTest Samsung App: This Website Turns Your iPhone Into an Android Device!
