Samsung Could Launch Its Own Ethereum-based Cryptocurrency

S amsung launched its S10 series with an in-built cryptocurrency wallet that allows users to store popular cryptocurrencies like bitcoin, Etherium, and Cosmo Coin. It became one of the first major smartphone manufacturers to add a digital currency wallet.

Now, it seems that it was a part of a bigger plan as Samsung is reported to be working on its own blockchain network and could soon launch “ Samsung Coin ,” an Ethereum-based cryptocurrency.

A report from CoinDesk Korea that cites its sources from people “familiar with Samsung’s internal situation” says that the South Korean company is working on a blockchain mainnet based on Ethereum.

The source said, “ Currently, we are thinking of private blockchain, though it is not yet confirmed. It could also be public blockchain in the future, but I think it will be hybrid – that is, a combination of public and private blockchains. ”

Once the development of the blockchain gets culminated, Samsung is also touted to launch its own cryptocurrency — Samsung Coin.

Once launched, Samsung Coin could be traded on public cryptocurrency exchanges similar to BTC and Ethereum. Now that its S10 Series has an in-built cryptocurrency wallet, it is also likely that Samsung could integrate its blockchain network into its payment app — Samsung Pay — as well.

With the slumping value of cryptocurrencies, do you think it is a wise move by Samsung? Tell us your views in the comments section.

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