Samsung, a major electronics manufacturer based in South Korea, recently revealed that it was working with the Gemini crypto exchange. The partnership will lead to the launch of crypto trading services on its crypto wallet app. For now, the service will only be offered to users of the Samsung Blockchain app located in Canada and the US.
Crypto is a Movement
According to an announcement by Gemini, Tyler Winklevoss, the CEO, said that crypto was a movement and not just a technology. He added that he was proud the Gemini exchange was working with Samsung to offer the crypto promise of independence, greater choice, and opportunity to the masses globally. With the deal, users of the Samsung Blockchain wallet will have a convenient and secure way of purchasing crypto on the Gemini exchange.
How the Partnership will Work
The collaboration between Samsung and Gemini is the first of its Kind. It is the first time that the giant electronics maker has partnered with a US crypto exchange. Via the deal, users of the Samsung Blockchain wallet will be able to buy and sell crypto via the Gemini app. Besides that, they will be able to move crypto directly from the crypto exchange to their Samsung Blockchain Wallet app.
In the Samsung Blockchain wallet, users can enjoy self-custody since the wallet is an offline cold storage solution for crypto assets. The wallet is offered in Samsung’s flagship phones. These are the Galaxy z Flip, the Galaxy S20 Series, the Galaxy Fold, the Galaxy Note 10 Series, and the Galaxy S10 series.
Samsung and the Crypto Sector
Samsung entered the crypto space in 2019. It did this with the launch of its blockchain wallet in September 2019. Since then, it has expanded the service to support a growing number of apps in the crypto space.
There are reports that the company plans to offer crypto support in its budget phones. Thus far, support is only offered in its high-end flagship phones. If it does expand into budget phones, it could be one of the main catalysts for the adoption of crypto.
However, the company has been quite cautious in its approach. Crypto support is only offered in a few key markets. Consequently, it would appear they are in the testing phase. However, there is no indication the company plans to relent on its plans to integrate its phone with crypto technology.
At the start of May 2020, the company announced that it would support Swipe, a company that issues crypto debit cards, in the Samsung Pay ecosystem. As a result, the company is helping to create real-world use cases for cryptocurrencies.
Korean Tech Companies and the Crypto Sector
Samsung is not the only major tech firm in South Korea that has entered the crypto space. For instance, in September 2019, LG, a major phone maker in Korea, announced that it planned to launch a blockchain phone. Another tech company that has established itself in the crypto space is Kakao. Kakao has an active crypto coin that was launched in 2019.
The entry of major tech companies is a welcome move. These companies have the finances and technical expertise to ensure the smooth integration of the masses into the crypto sector. The involvement of these firms will play an important role in the mass adoption of crypto.
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