Samsung Electronics is the latest company to embrace crypto by adding Ledger Wallet Services on its Galaxy smartphones as we are reading more today in our cryptocurrency news.
Samsung Electronics announced to its users that they are now able to trade crypto directly on the Galaxy smartphones and now the latest update from the Korean conglomerate allows traders and blockchain users to process transactions by transferring cold storage wallets to the Samsung blockchain. In addition to the Blockchain Keystore that Samsung already has embedded, the Galaxy smartphones will be able to connect to hardware wallets like Ledger Nano S and Ledger Nano X. The platform also includes news fees featuring the latest stories and updates in the crypto space.
Since the launch in 2019, the Samsung Blockchain Wallet expanded its crypto offerings to BTC, ETH, ERC tokens, TRX tokens, and Tron, and allows users to explore decentralized apps to utilize the blockchain technology. With the In-house software development kit, the developers can create their own applications that will provide services like microfinancing. The developers can build dApps that generate, manage and store blockchain accounts and will process transactions with APIs dedicated to the ledger system and will also provide APIs allowing Dapps to sign for transfers of virtual assets using a third-party hardware wallet.
There are more than 40 dapps that are integrated into the Samsung Blockchain platform ranging from social media, finance, and video games. Despite the regulatory concerns in South Korea, Samsung continued to reiterate the stance on crypto. South Korea’s Financial regulator or the Financial Services Commission, cracked down on exchanges with a list of new regulations as some exchanges like Daybit and Okex already shut down operations in Korea due to the requirements from the Virtual Asset Service Provider.
Korean exchanges are under scrutiny with the new legislations.
Under the current circumstances, Samsung’s economic and political influence in South Korea poses a huge opportunity and as competitors flee from regulations and rising short-term costs, the multinational conglomerate will be able to establish itself as the leading player in the crypto space in Korea.
As recently reported, The electronics giant Samsung could be working on a new blockchain-based app to facilitate a secure way to transfer, data, files, and information. Samsung hasn’t given more details but sources believe that the company is developing software called Private Share that already uses the blockchain to prevent file receivers from using the info in ways not authorized by senders.