Samsung Allows 3rd Party Crypto Wallets In Its Phones

May 16, 2021 Off By Naveen Victor

Samsung has announced that it is now allowing its blockchain users to manage and trade virtual cryptocurrencies using third party wallets with select Galaxy smartphones. Made possible through a new software update, users can now import wallets that are not related to Samsung’s Blockchain Keystore.

Users can add wallets such as Ledger Nano S and Ledger Nano X to the list. But that isn’t all, Samsung’s Blockchain Wallet also provides news on the latest trends in cryptocurrency with a dedicated newsfeed within said app. It features articles from CoinDesk, which is one of the best sources for cryptocurrency related news.

Since its launch in 2019, Samsung’s Blockchain Wallet has expanded its support of various cryptocurrencies, which includes Bitcoin, Ethereum, ERC tokens, Tron (TRX) and TRC tokens. It also allows users to use decentralised apps (Dapp) that use blockchain tech to authenticate exchange of digital assets.

Samsung boasts that its ability to offer secure blockchain related features stems from the effectiveness of its Samsung Knox security platform. private keys used for cryptocurrency and Dapps are encrypted and stored separately in an area called Samsung Blockchain Keystore. This section is isolated from that that contains the main operating system.

Learn more abour Knox here.

Taking security a step further, another layer of protection is added in the form of a secure processor that can only be accessed by providing the asset owner’s PIN and fingerprint. The Korean tech giant isn’t keeping the system to itself either.

It has adopted a more open approach by allowing third-party software developers access to its blockchain ecosystem through its blockchain SDK. This will allow them to build DApps to securely transfer virtual assets through third-party hardware wallets. More information about the Galaxy Blockchain ecosystem and Samsung Blockchain Wallet is available here.