Samsung has announced that blockchain users will be able to trade and manage digital assets from 3rd party wallets on Samsung Galaxy smartphones this month. Samsung is not the first company to come out with a blockchain-enabled phone. In 2019, HTC had introduced the first “blockchain phone”, known as Exodus 1. But, the HTC phone can only be bought with cryptocurrency.
According to experts as more industries are supporting cryptocurrency as authorized payment service, smartphone firms are expected to include technology that will make it simple for users to trade and hold crypto.
A crypto wallet is an app or device that enables users to retrieve and store their virtual assets. According to Samsung, users who own crypto on select cold hardware wallets (like Ledger Nano X and Ledger Nano S) will be able to import their assets into the Samsung Blockchain Wallet.
Samsung’s intention with the current upgrade is to allow users to own their private keys with a wallet that is part of their phone, rather than keeping their digital assets on crypto exchanges.
As opposed to Samsung’s Blockchain Wallet, the Exodus 1 features its own crypto wallet called Zion to make the phone function as a hardware crypto wallet. The phone has a secure slot that uses technology created by SoftBank’s Arm Holdings in the phone’s chip that is kept separate from the phone’s Android OS. It was explained that the phone was created with the aim of not only holding digital assets and bitcoin but to also hold private data.