Samsung Crypto Wallet: What is true about the rumors?

Last week, images of the new Samsung Galaxy S10 were leaked to prove that the South Korean technology giant has integrated a wallet into the new device. What is the truth about the rumours?

Last week, Twitter’s short news service showed pictures showing the “Samsung Blockchain KeyStore” application. Among other things, the start page is shown, which describes the app with the words “a safe and practical storage place for your crypto currencies”. The images were published by Twitter user Ben Geskin. Accordingly, the Galaxy S10 smartphone to be released in spring 2019 will be delivered with an integrated wallet for crypto currencies.

What exactly the wallet should be able to do is still unclear.

Users should be able to create new wallets via the app and import existing wallets into the application, as can be seen on further pictures. Whether it is possible to buy and sell crypto currencies via the wallet – and if so, on which stock exchange – is not clear from the information leaked. Initially, the KeyStore blockchain should be available exclusively for the Ethereum crypto currency. Further coins like Bitcoin will follow soon.

The Samsung Galaxy S10 will be officially launched on 20 February. Sales start is in March 2019. Should the rumours be true, a large number of users suddenly had a wallet and thus presumably also a low-threshold access to the purchase of crypto currencies. Not least for this reason, the report caused quite a stir in the scene, as owners of coins in particular hope for a surge in demand. However, the Ethereum price did not react to the news.

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Are the rumors true?

At the present time it is unclear whether the rumours are true, even though various media such as the news channel n-tv already assume that the application will be presented in more detail on 20 February. The fact is that Samsung, to our knowledge, has neither issued a press release nor responded to the rumors in social networks. Thus neither confirmation nor denial are present. However, this is not untypical for the company, which is reluctant to reveal details before the official “Unpack Event”.

Users also reacted very differently to Twitter. While many see the (hoped-for) step as a milestone in the acceptance of crypto currencies, other details of the read pictures complained. One user noticed that a symbol in the app resembled the Bitcoin, although only Ethereum was available.

A concrete effect on the prices is to be expected at the earliest if the information is confirmed in a few weeks. And even then it remains to be seen to what extent the app will appeal to users and open up new target groups and thus effective demand.

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