The blockchain industry is becoming more popular as the day goes by. Big industry giants are starting to integrate one form of cryptography after another. Recently, SamMobile, the largest Samsung community in the world, announced that the tech giant is making plans to integrate a cold wallet system in Galaxy S10. The wallet will allow users to transfer data from software like TrustWallet and Metamask into their phone.
The announcement was made by SamMobile’s senior executive editor who wrote:
“After we heard about the trademarks for the Samsung blockchain and cryptocurrency, we decided to take things forward a little. Samsung is currently developing a cold storage that may be launched with the upcoming S10.”
Why Has Samsung Taken This Step?
There are many possible reasons why Samsung may have decided to integrate a cold storage. For starters, the company is the largest conglomerate in South Korea and it has dominance over major sectors in the region from online payment, insurance, electronics, asset management, car manufacturing, all the way to property development. The first time the company showed interest in the cryptocurrency industry, it was focused of creating mining equipment. It shipped these equipment from South Korea to international distributors.
Over the last months, there have been numerous reports claiming that Samsung is working with Halong Mining and Squire. However, it is still not clear who the partner distributors of Samsung’s ASIC mining chips are. The company has been increasing its reach in the mining business. Now, it’s next move is cryptocurrency wallet.
Samsung has been known to always leverage its resources to expand into emerging markets instead of always starting something new that will require a different infrastructure. The mining equipment manufacturing the company ventured into was meant to maximize the potential of its foundry business and the integration of a cryptocurrency wallet. These wallets will be integrated into the Galaxy 10 series.
This makes perfect sense because if Samsung had decided to enter into the cryptocurrency exchange market like many companies in South Korea, it would need to build an entirely new infrastructure to support it. So, the company decided to strengthen its cryptocurrency infrastructure using its already existing line of products.
All Things Aren’t Rosy In The Industry
In a world full of tech companies, Apple, Samsung, Oppo, Huawei and HTC control a large portion of the mobile phone market. These companies can individually decide to integrate cryptocurrencies or provide support for them on their devices. There is a good opportunity for investment there but the cryptocurrency market isn’t currently at its best. Also, these investments will come at a cost.
During the 2017 bull run, hundreds or millions were raised in capital by many companies. Sirin Labs, the producer of the first every blockchain-based phone, claimed that it raised $158 million through ICO. The capital was to be used to create mobile phones that have native cryptocurrency support. These phones are going to be more efficient than any other phone in the traditional market.
As Samsung and other companies decide to integrate cryptocurrency support, those companies that are focused on creating mining hardware alone may become irrelevant. The world is evolving and those who don’t want to be left behind are evolving with it.