Samsung’s new smartphones may bring crypto to the masses
New S20 range will store Bitcoin, Ethereum and other cryptocurrencies
Samsung’s new S20 range of smartphones brings crypto closer to the average user, which could result in even more widespread adoption of digital currencies.
Last week the South Korean company, which is the world’s largest seller of mobile phones, released its S20, S20+ and S20 Ultra smartphone models. All are 5G-enabled and will build on the older Galaxy S10’s cryptocurrency and blockchain facilities, according to a report by Forbes.com.
Samsung launched its Blockchain Keystore last year. The app gives users control over the private keys used to protect their cryptocurrency wallets and blockchain transactions. It is not available to S10 owners everywhere.
The new line of phones will provide storage for Bitcoin, Ethereum and other digital currencies, according to the website of the company's developer.
“We created a secure processor dedicated to protecting your PIN, password, pattern and Blockchain Private Key,” Samsung says on its S20 range site. “Combined with the Knox platform, security is infused into every part of your phone, from hardware to software. So private data stays private.”
Cryptocurrencies have gained enormously in popularity in the past few years, although concerns about their price volatility and security around the entire sector have kept more cautious consumers at bay.
Daily volume in Bitcoin alone averages around $41 billion. Just five years ago it was closer to $41 million, according to figures from CoinMarketCap.com.
Forbes noted that a number of the biggest crypto-exchange hacks and thefts happened because of users not storing their tokens in wallets for which they have private keys.
FURTHER READING: Samsung and Salesforce back crypto startup Digital Asset
FURTHER READING: 5G explained