Samsung, one of consumer-technology leaders globally, has made a further step towards fortifying and enhancing its position as a technology mogul entering the cryptocurrencies and blockchain space. The South Korean tech giant plans to re-made all Galaxy-line smartphones and empower them with hardware wallets and access to an internal crypto exchange.
The latest news that were released from Samsung, indicate that the company is working on the development and introduction of brand new functions of their Samsung Pay app. The app was initially designed to support only fiat currencies, however, this had to be changed due to some of the rivals such as Google Pay preparing crypto deployment in the following months.
“Speculations about Samsung’s involvement into Blockchain may be true,” Beincrypto states, adding: “Samsung’s migration will lower transaction fees and will improve the rate at which money flows through the system. For now, speculations suggest Samsung will utilize Ethereum’s blockchain with its own token. Further developments of Samsung Wallet and integration of cryptocurrencies into their payment system will transform Samsung into a global FinTech and blockchain player, which will lead to a positive effect on the entire ecosystem.”
Samsung Pay, with its added layer of crypto asset functionality, grants users with the ability to make cheaper and faster payments, as opposed to traditional means of payment. The operating in South Korea Samsung, has another key advantage — the South Korean government is one of the most crypto-friendly government, which will contribute to a faster and easier law compliance.