Samsung Could Launch Its Own Ethereum-based Cryptocurrency

Samsung launched its S10 series with an in-built cryptocurrency wallet that allows users to store popular cryptocurrencies like bitcoin, Etherium, and Cosmo Coin. It became one of the first major smartphone manufacturers to add a digital currency wallet.

Now, it seems that it was a part of a bigger plan as Samsung is reported to be working on its own blockchain network and could soon launch “Samsung Coin,” an Ethereum-based cryptocurrency.

A report from CoinDesk Korea that cites its sources from people “familiar with Samsung’s internal situation” says that the South Korean company is working on a blockchain mainnet based on Ethereum.

The source said, “Currently, we are thinking of private blockchain, though it is not yet confirmed. It could also be public blockchain in the future, but I think it will be hybrid – that is, a combination of public and private blockchains.”

Once the development of the blockchain gets culminated, Samsung is also touted to launch its own cryptocurrency — Samsung Coin.

Once launched, Samsung Coin could be traded on public cryptocurrency exchanges similar to BTC and Ethereum. Now that its S10 Series has an in-built cryptocurrency wallet, it is also likely that Samsung could integrate its blockchain network into its payment app — Samsung Pay — as well.

With the slumping value of cryptocurrencies, do you think it is a wise move by Samsung? Tell us your views in the comments section.

Also Read: NSA: Mass Phone Surveillance Programme Isn’t Worth The Effort Now