Samsung Joins Corporate Giants Reportedly Eyeing Bespoke Crypto
South Korean electronics giant Samsung might become the next multinational conglomerate to issue its own cryptocurrency token.
Samsung is another big-name company to consider issuing its own cryptocurrency. Similar stories have already emanated from the likes of Facebook and JPMorgan Chase, with analysts speculating on various use cases for these cryptocurrency tokens.
While not yet confirmed officially, a “Samsung Coin” could find application as a payment means on the company’s app store and traded on cryptocurrency exchanges. The company has revealed that its flagship Galaxy S10 smartphone will have a built-in cryptocurrency wallet.
With these mega-corporations delving into the blockchain scene, it is perhaps important to see how their virtual currency implementation compares with each other and the rest of the virtual currency ecosystem.
Samsung readies new ETH-based blockchain mainnet and cryptocurrency token
On Wednesday (April 24, 2019), an inside source within Samsung revealed that the company’s blockchain division was developing an Ethereum-based blockchain mainnet. According to the source, the project would also create a virtual asset dubbed “Samsung Coin.”
Currently, the Samsung hierarchy has offered no confirmation of the proposed blockchain mainnet and token. However, the reports appear to be consistent with the recent activities of the company in the cryptocurrency and blockchain technology space.
Answering questions at the Blockchain Expo in London on Thursday (April 25, 2019), the business development and fintech chief at Samsung SDS Europe, Moritz von Widekind, said the company hadn’t decided on anything concrete yet.
According to the Samsung executive, various departments within the company are working on the project. Von Widekind also added that the proposed token could be launched on the company’s NextLedger enterprise blockchain platform.
Samsung recently participated in a $4 million investment round for ZenGo — a smartphone cryptocurrency wallet app. NextLedger continues to receive significant interest from companies around the world, most recently by Indian IT behemoth Mahindra.
In the absence of an official word from Samsung, it is impossible to know for certain the way in which the rumored token would work. However, given the electronic giant’s business model, there are some plausible assumptions to be made.