New Samsung smartphones to include crypto functionality
New Galaxy models will offer crypto support
When Samsung introduced its Galaxy S10, it became the first smartphone offered by a major manufacturer that included support for cryptocurrencies. The support was limited, as users came to find out, and the price tag of about $1,000 made it out of reach for many consumers. Samsung has learned its lesson, though, and will apparently introduce crypto support in its newer, more budget-friendly smartphones.
According to Chae Won-cheol, the senior managing director of product strategy at Samsung, “We will lower barriers to new experiences by gradually expanding the number of Galaxy models that support blockchain functions. We will also expand our service target countries after Korea, the United States, and Canada.”
There are also plans in the works to increase the tech giant’s blockchain integration. Samsung has already begun to work with telecommunications giants like SK Telecom and KT on several blockchain-based projects, and Chae adds, “We will develop technologies for blockchain-based identification and local currencies by partnering with telecom operators.”
Samsung isn’t the first tech company to offer a smartphone with an integrated crypto wallet; however, it is certainly the largest. The company has the smartphone market wrapped around its finger and, if Samsung starts to integrate crypto technology, all other smartphone manufacturers will have to consider following suit to remain competitive.
Including crypto and blockchain support on budget-friendly smartphone models will continue to give Samsung an edge on the competition. It will also raise crypto awareness and adoption which, when coupled with the recent announcement that Whole Foods will accept digital currencies, is going to rapidly push crypto into mainstream channels.