Samsung Appears to be Getting Ready for Major Cryptocurrency Move

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Samsung Appears to be Getting Ready for Major Cryptocurrency Move

Korean electronics giant Samsung has strongly denied rumors that its next flagship smartphone, the Galaxy S10, will ship with a digital currency wallet, but leaked images of the device’s Android settings menu suggest otherwise. About a month ago, screenshots of the Galaxy S10 revealed a feature that would allow users to securely store cryptographic keys for their digital currency wallets and accounts. Furthermore, Samsung also hinted at a partnership with Enjin, a Singapore tech firm that specializes in blockchain development, but mostly for video gaming platforms. 

Samsung insiders have taken a closer look at the company’s moves into blockchain apps, and they believe that a digital currency wallet is imminent; however, it may not initially support Bitcoin. The Samsung Knox feature is certainly not a wallet, it is essentially a very secure password vault, but some leaked information suggests that an Ethereum wallet is in the works. What Samsung appears to be doing at this time is related to micropayments within gaming economies, hence its partnership with Enji, but the company is also interested in Cosmee, a token intended to be used in the lucrative world of cosmetics and beauty products. 

What Will Cosmee Be Used For?

Cosmee is a mobile social network developed by Cosmochain, an interesting blockchain project geared towards people interested in the world of cosmetics. Cosmee users who distribute, promote or review makeup and beauty products can be rewarded for their contributions with digital currency tokens. If this social network gets traction, its market potential could be significant because the global cosmetics industry generates billions of dollars in annual revenue. 

Samsung is quite aware that many owners of Galaxy smartphones are younger and bound to be into gaming and beauty. In recent years, stylish young women who used to prefer the Apple iPhone have been showing interest in the Samsung Galaxy line of mobile devices, and this is something that the company is unlikely to ignore. Samsung’s next step in the cryptocurrency direction could very well be a digital payments platform, and this could translate into significant circulation given the popularity of Galaxy smartphones. With all this in mind, it would be safe to assume that Apple executives are probably planning a similar strategy for the near future.