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Samsung makes another move to support the crypto industry

As cryptocurrency prices go up, countless companies, institutional investors and, of course, retail investors are rushing into the industry, making it grow bigger every day. Adoption is moving faster than ever, and it seems like cryptocurrencies are all the talk these days.

The latest example of this came just hours ago after Samsung Electronics posted an announcement that its users will now be able to access and exchange their coins directly from Galaxy smartphones.

What does this mean for Samsung?

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According to the announcement, the latest Galaxy update will allow merchants and users of the underlying cryptocurrency technology, the blockchain, to process transactions quickly and easily by transferring wallets to the Samsung blockchain.

More than that, Samsung’s Galaxy phones will be able to connect to leading hardware wallets such as Ledger Nano X or Ledger Nano S. There will even be a news feed providing the latest Coindesk stories, giving users a quick and easy way. to receive notifications of new developments.

Of course, Samsung has been connecting its devices with the crypto industry for some time now. Their Samsung Blockchain Wallet has been around since 2019, and it expanded enough to offer services for Bitcoin, Ethereum, all ERC tokens, TRON, and their TRC tokens, and in doing so, it became a pretty decent dApp-compatible wallet.

There is also its internal software development kit that will allow external creators to create their own applications and provide various services. Right now, there are over 40 dApps that Samsung’s blockchain has to offer, and it is more likely to arrive in due time. These existing ones are also quite diverse, from social media and video games to finance and more.

Samsung’s position in the cryptocurrency sector is interesting, especially since it is a Korean company. As some may know, earlier this year, the Korean financial watchdog cracked down on crypto exchanges, imposing a new list of regulations that included some advanced licenses. Unable to get them, many exchanges decided to close their shares in the country. But that only leaves more room for massive tech giants like Samsung to potentially take over your market share, if you offer the right services at the right time.

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