Cryptocurrency News

South Korea’s Kakao To Integrate Crypto Wallet

Samsung’s integration of a Cryptocurrency wallet will be followed by South Korea’s most prominent internet conglomerate Kakao. Kakao known for KakaoTalk, KakaoPay, KakaoTaxi and many other platforms will integrate Crypto for it’s 44 million users.

KakaoTalk Flexes Cryptocurrency Muscle

A Korean publication fnnews released details from industry executives explaining that the popular chatting platform of KakaoTalk will allow users to run Blockchain applications, and even send, receive and store Cryptocurrencies. Hence users will be in control of making payments, with the touch of a button through the messaging application.

As for Blockchain applications, they will run simultaneously on the chatting platform, like the other mobile games and applications already on it.

Over 80% of the population of South Korea use Kakaotalk and so could be a massive step for Cryptocurrency adoption.

Kakao’s successful $90 million raised through a private coin offering has ensured Blockchain can further be worked upon.

Korea A Leader in Blockchain and Cryptocurrency

South Korea has been taking significant steps towards the digital asset revolution, with not only KakaoTalk exploring Cryptocurrency but also Samsung. Samsung being a South Korean firm known around the world for its smartphone, has recently released the S10 with a Cryptocurrency wallet integrated.

Kakao has its arms stretched in other Blockchain and Crypto investments such as Dunamu which is the operator of Upbit Cryptocurrency exchange.

Mass Adoption of Cryptocurrency

Most of the Cryptocurrency community is working towards mass adoption drives for the digital assets. Ryan Sean Adams, the founder of Mythos Capital, explained it best when he explained the need for devices such as Samsung’s S10 as it will sell almost 40 million units which are 20 times more than the overall quantity of traditional hardware wallets such as Ledger and Trezor sold.

Hence with Kakao having a huge following in South Korea, it will be one of the most sought after news given that the Cryptocurrency enthusiasts are looking for either institutional investors or mass adoption to help get the bulls back in the market!

Could Samsung Wallet Lead The Way In Crypto Adoption?

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

Samsung To Integrate Crypto Cold Wallets in Upcoming Galaxy 10

SamMobile, the biggest online Samsung community recently announced that the company is planning to integrate cryptocurrency cold wallets in its upcoming mobile phone Galaxy S10.

Samsung leading the way

Adnan Farooqi, the editor of SamMobile, stated:

“After hearing about Samsung’s blockchain and cryptocurrency software, we resolute to dig around a little deeper. We can verify that the company is indeed developing one and that it may be launched with the Galaxy S10.”

The crypto services will come in two parts; a cold wallet for saving and storing cryptocurrency and a crypto wallet for transfers, viewing account information and transaction. Samsung’s new wallet is expected to support Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and Ethereum-derived token ERC20.

Why the cold wallet

Samsung ventured into the cryptocurrency market about ten months ago with the focus on bitcoin mining. The company started creating mining equipment from its factory based in Suwon, South Korea to ship to international distributors.

Reportedly, the company has been working with Halong Mining in China and Squire in Canada. However, as of December, the partner distributors of Samsung’s ASIC mining chips remain unclear. With increased mining activities, it seemed that cryptocurrency wallet would be the next step for the company.

If the company is to enter the cryptocurrency exchange market, which nearly every major company in the country including telecommunications, gaming, financial, and insurance companies are involved in, it will have to build a new infrastructure from the ground up, similar to what Shinhan Bank has done with Gopax.

However, Samsung is not fooling this line of thought. The company has decided to use its existing line of products to strengthen the infrastructure surrounding cryptocurrencies as an asset class.

How it will work

According to SamMobile, if the wallet is integrated into the Samsung Galaxy S10, users will be able to import their data from wallets such as MetaMask and Trust Wallet to transact natively with the mobile phone. Customers will also be able to create a new wallet in the cold wallet app.

The news comes when the cryptocurrency market has fallen below everyone’s expectation. Many have to halt their operations until the market becomes favourable.  If Samsung and other companies integrate cryptocurrencies support, many companies that focus on creating mining hardware stand to become irrelevant.

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Samsung SDS launches blockchain-powered banking certification platform

Samsung SDS, a subsidiary of South Korea’s largest IT company, has announced that it has created a banking certification platform called ‘BankSign’ based on blockchain technology.

Flexible Certifications

The platform will greatly enhance the streamlining process of carrying out inter-bank transactions. BankSign has been developed with the cooperation of the Korea Federation of Banks, which will enable its users to conduct transactions across various banking mobile systems.

The prominent feature of the platform is that it requires only single certification among all the banking systems, which will greatly reduce processing times and complexity. Moreover, there are multiple ways to make the certification which includes fingerprints, passwords and patterns.

SDS says that fool-proof security is ensured by connecting this data-sharing network and bank’s systems. This sharing process will prolong the validity of the certification for up to three years. Overall, unchecked alterations and forgeries are nearly impossible to make with the deployment of blockchain technology. According to a Samsung SDS spokesperson:

”BankSign will be the first banking services application designed on the well-known blockchain technology. The company will keep striving to expand the digitization of its businesses which will promote competition between financial and banking institutions”

Constant Innovation

SDS was established in 1985 to act as the information technology arm of the Samsung. It provides technical services, IT education, IT consultancy and various types of outsourcing services. SDS is continuously expanding its business by investing heavily in modern technologies like the blockchain, artificial intelligence (AI) and the internet-of-things (IoT).

SDS operates Korea’s largest IT education institute and requires all its employees to dedicate 10% of their individual working hours to education. Last year, SDS launched its blockchain-powered business platform called Nexledger which was designed to achieve cost-efficient management of data exchange and financial transactions between different corporations.

Remember folks, Crypto is coming!

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