According to an official announcement from Samsung, users will be able to manage and exchange cryptocurrencies directly from third-party wallets on Samsung Galaxy smartphones.
By moving funds from cold storage wallets to the Samsung blockchain, this update will provide blockchain users with a more convenient and quicker way to process transactions between digital assets.
Samsung’s Galaxy series smartphones currently support hardware wallets such as the Ledger Nano S and Ledger Nano X.
Since its inception in 2019, the Samsung Blockchain KeyStore wallet has sponsored four cryptocurrencies: Klaytn (KLAY), Ethereum (ETH), ERC-20 tokens, Bitcoin (BTC), and TRON (TRX).
It also added decentralized applications to its encryption goods (DApps). Developers can create their applications on top of Samsung’s blockchain network, which now has over 40 Dapps incorporated for applications in banking, social media, and even the video game industry.
The protection of the system is crucial when it comes to managing virtual currency. Cryptocurrency and DApp private keys are encrypted and kept in a separate area from the central operating system.
Samsung Electronics published the following statement:
“This information is further protected by a secure processor and can only be accessed by providing the asset owner’s PIN or fingerprint.”