Samsung Galaxy S10 rumoured to be launching crypto wallet
Coming off the back of some leaked photos last week, there are rumours circulating that the multinational tech giant, Samsung, will soon be adding a crypto wallet to their flagship smartphone, the Galaxy S10.
Whilst Samsung haven’t yet made this official, the clarity of the leaked ‘Samsung Blockchain Keystore’ photos and the amount of coverage they have received has raised many eyebrows, and this has appeared to reinvigorate many crypto enthusiasts who for the most part have been feeling under the weather due to the bearish market.
What would this mean for the world of crypto if this rumour turns out to be true?
Easy access for millions of users
The first obvious benefit would be the exposure of crypto to millions of people.
Samsung is currently the world’s smartphone leader in terms of units sold, and despite a 10.4% decline in shipments from 2017, the smartphone giant still accounted for a 20.9% market share with 71.5 million units sold in Q2 of 2018.
More specifically, TF International Securities analyst Ming-Chi Kuo has predicted that Samsung could ship 40 million Galaxy S10 phones in 2019 alone, so in the event that the Samsung Blockchain Keystore does come to fruition, that is 40 million potential users of the crypto wallet. To emphasise how substantial this number is, look no further than blockchain powerhouse blockchain.com, whose wallet has a user base of 32 million.
A bright indicator for the future of crypto
It is also important to note that there is huge intangible and symbolic value with a Samsung crypto wallet.
Quite simply, if Samsung have included a crypto wallet in their flagship smartphone, it points to the fact that one of the biggest tech companies in the world believes that cryptocurrencies are not going under anytime soon. Multinational tech companies of this standing seldom enact such moves without having thoroughly researched into the risks and short-term/long-term benefits of such updates, so this alone may excite many crypto enthusiasts and investors.
A wake up call for rivals
Last but not least, the rumored Samsung smartphone crypto wallet may put some added pressure on other crypto wallet companies and startups, who may feel the need to ramp up their offerings in the face of potentially being outmuscled by such a financially powerful and established tech giant.
This could include a rejuvenated focus on new wallet utilities, strategic partnerships and more investment directed towards the marketing of their wallets. But if you are a believer in free market economics, there is nothing like a bit of competition to bring out the best in products and services.
But for now, we wait for Samsung to officially announce the release of their Blockchain Keystore.