Could Samsung Wallet Lead The Way In Crypto Adoption?

Conor Maloney

March 7, 2019

South Korean tech giant Samsung has been making waves in the crypto space with recent initiatives aimed at bringing crypto to the masses.

The forward-thinking company is one of the most well-established household names in the world thanks to its range of Samsung Galaxy phones, among the most popular smartphones there are, and it operates the world’s largest mobile phone factory which is based in India.

Samsung Backs Major Crypto Projects

Samsung has demonstrated support for cryptocurrency technology by investing in projects like CryptoKitties, the Ethereum-based blockchain game enabling users to “breed” digital cats. The whimsical nature of the game helped it to reach viral status, but the use case of creating unique digital assets and the conversation around the value of such assets was mostly brought to widespread attention by the game.

People made hundreds of thousands of dollars trading assets on the Samsung-backed platform. Samsung also backed distributed business application platform AERGO which raised a total of $30 million from Samsung Ventures as well as other heavy hitters like Sequoia Capital, and is in business with Squire Mining building ASIC crypto-mining chips.

The Galaxy S10 Supports Cryptocurrencies

This is huge news for the crypto space.

The Galaxy S10 is Samsung’s upcoming smartphone release, and seeing as the company sold hundreds of millions of smartphones last year, this could be one of the biggest steps forward in cryptocurrency adoption since the launch of Bitcoin.

Galaxy S10 is built with defense-grade Samsung Knox, as well as a secure storage backed by hardware, which houses your private keys for blockchain-enabled mobile services.

Samsung sold 30 million Galwaxy S9s in Q1 2018 alone. These were actually the lowest sales figures seen since the Galaxy S III, but as TheDailyHodl pointed out, such numbers would be absolutely enormous for cryptocurrency and blockchain.

Sales figures that “low” are unlikely to occur again, but even if they did, exposing 120 million people per year to blockchain and cryptocurrencies would be an incredible, rapid leap forward for the tech.

Even these figures would almost double the number of people holding blockchain wallets in just three months. While not everyone would be interested in using them, adoption is bound to take place with such record-breaking exposure, with more blockchain wallets created in a few months than over the last ten years since the creation and launch of blockchain.

Appeal to Non-Technical Consumers

A common criticism of cryptocurrency is that it’s too inaccessible and technical, and let’s face it – it’s a massive problem.

To even learn how to potentially buy some bitcoin requires reading fairly extensive guides on the moment in order to educate users on private keys, exchanges, KYC, etc. After that, KYC typically takes days and requires users to go scan passports and jump through a number of other bureaucratic hoops simply to access crypto.

The reason Coinbase soared to such great heights and cornered so much of the market was undeniably its focus on UX and easy access to crypto, making things as simple as possible by allowing people to use credit cards, etc.

While storing crypto on a phone is not ideal for security as a general rule, it’s a great launchpad for those potential investors who are curious about crypto but not yet willing to read extensively on the subject. The Samsung S10 will have a blockchain wallet accessible with the user’s fingerprints… and that’s it. Anyone with the phone can receive and then send cryptocurrencies to other users.

The blockchain integration may even cause other phone companies to follow suit in order to stay competitive, although this will likely depend on the success of Samsung’s experiment.

Will this be the massive leap forward in crypto adoption we’ve all been waiting for? Let us know on Twitter @cryptoiscomin