Samsung to launch cryptocurrency wallets

A Samsung is working on launching services aimed at cryptocurrencies, according to the latest news. The company recently applied to register three brands: Blockchain KeyStore, Blockchain Key Box e Blockchain Core.

The website SamMobile decided to delve deeper into the investigation and points to the creation of at least two virtual wallets. The services must be launched together with the Galaxy S10.

Secure cryptocurrency storage

Samsung's initiative should be divided into two parts: one cold wallet is crypto wallt. Despite trademark requests, the names of these services have yet to be decided.

To understand, a cold wallet is the most secure type of cryptocurrency storage as it is kept offline, within a secure space on the device. A cold wallet is invulnerable to hacker attacks.

Samsung's service will allow users to import keys for various cryptocurrencies stored on third-party services (eg Metamask or TrustWallet). At first, supported cryptocurrencies should include: Bitcoin, Ethereum, Ethereum-derived token ERC20 and Bitcoin Cash.

Samsung will not have any access to the cold wallet data. Blockchain usage is completely anonymous. The only way to redeem the wallet is the recovery phrase. At 12 to 24 words long, the phrase is the default recovery method for most cryptocurrency wallets.

For cold wallet inbound authentication, Samsung can offer secure PIN and fingerprint options. There is no information for input by iris, which strengthens the rumor that Samsung will ditch the iris scanner on the Galaxy S10 to save space and provide a truly full screen.

About the service crypto wallet, not enough information was obtained in the SamMobile survey. The function of the service category is to allow the transfer of cryptocurrencies between users.

Source: SamMobile

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