- Long Term vs Short Term - 75%75%
- Market Impact - 15%15%
As some leading publications from South Korea reported, including The Korea Herald, Samsung is all set to integrate crypto in one of its upcoming and one of the most anticipated smartphones, Samsung Galaxy S10.
The reports were based on several leaks, one even reported by CNN, in which it was revealed by insiders that Samsung is working on a crypto wallet for its Samsung Galaxy 10 mobile. So how Samsung is going to make it happen? Apparently, through Samsung Pay.
The Galaxy 10 development team is working and currently trying to use Samsung Pay, the digital payment app in Samsung devices, to integrate with crypto. So what will be the effect if this happens in the near future on the crypto market?
Samsung Pay, especially after acquiring another similar platform LoopPay for $200 million, now becomes one of the most used digital payments platform in South Korea along with KakaoPay. Samsung Pay also uses an advanced MST technology, also called Magnetic Secure Transmission, that makes it safer for crypto storage and transfer.
According to the sources, Samsung was looking into the possibilities of using crypto in commerce on its devices since last year. This is why Samsung Insights recently released a report citing mobile devices as a more secure platform for crypto trade due to TEE (Trusted Execution Environment).
The report claims that mobile devices are more secure than desktops or laptops due to a different OS. The desktop operating system is more vulnerable to hacks compared to mobile devices.
What this means for the crypto market:
It will surely allow more people to access crypto on their mobile phones, as more than 10 million people use Samsung Pay on a daily basis only in South Korea. In the short term we don’t anticipate this to have any price impact on Bitcoin or crypto prices in general since it will only be a small percentage of users who will actually use this feature. In the long term however, the implications of this move further solidify infrastructure for crypto related payments.