Samsung may soon be incorporating cryptocurrencies into its Samsung Pay app

25 May, 2019 | Updated: 25 May, 2019
by Richard Allen
Adoption
Samsung may soon be incorporating cryptocurrencies into its Samsung Pay app

According to reports published by Business Korea, Samsung Electronics has transferred employees from its blockchain taskforce to the team behind Samsung Pay.

As per the article, Samsung's blockchain task force was responsible for the Samsung Blockchain Keystore as well as the Samsung Blockchain Wallet that made their debut on the conglomerate’s latest flagship, the S10.

According to reports, the task force has been put under the supervision of the firm’s vice president of the service business division, Kim Yong-jae which may coincide with Samsung’s plans to incorporate cryptocurrencies to Samsung Pay. The article reads:

“The reshuffle was carried out when the company announced plans to expand its blockchain and cryptocurrency services.”

Speculations have been surfacing regarding Samsung’s intended usage of blockchain, with the predominant theory being its incorporation into Samsung Pay. Currently, the company uses technology called magnetic secure transmission (MST) to allow users to transact at conventional points of sale.

For the time being, the S10's native cryptocurrency wallet supports ERC-20 tokens and, according to Enjin CTO Witek Radomski, ERC-115 tokens. Support for more coins is expected down the line.

Additionally, Chepicap recently reported that Samsung has begun offerings its crypto wallet feature into more of its mobile devices.

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Read more about: Samsung South Korea

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