Samsung has partnered with US-based cryptocurrency exchange Gemini to integrate the latter's services with its Blockchain KeyStore Wallet.
This integration will allow the users of Samsung's crypto wallet in the US and Canada to transfer cryptocurrencies between the Wallet and the Gemini platform.
Users can connect to the Gemini mobile app to buy, sell, and trade cryptocurrencies via the Gemini exchange. They can also view their Gemini account balances and transfer their crypto into the higher security cold storage wallet found in select Samsung smartphones.
This partnership comes at a time when cryptocurrency trading volume is soaring amid the COVID-19 pandemic. Crypto exchanges around the world are also seeing an increase in user registrations.
Founded by two brothers in 2014, Gemini is the first American crypto exchange to offer integration with Samsung Blockchain Wallet. The platform currently supports more than 20 cryptocurrencies, including the likes of bitcoin, ethereum, bitcoin cash, litecoin, chainlink, and Zcash.
"Crypto is not just a technology, it is a movement. We are proud to be working with Samsung to bring crypto's promise of greater choice, independence, and opportunity to more individuals around the world," said Tyler Winklevoss, CEO of Gemini. "Now, Samsung Blockchain Wallet customers can buy crypto in a simple, elegant, and secure way on Gemini."
Samsung itself is reportedly developing its own cryptocurrency, with the name Samsung Coin. Reports last year suggested that it is an Ethereum-based token. Not much has been heard about it since.
Samsung Blockchain KeyStore Wallet gets Gemini integration
Samsung is among the first smartphone makers to offer support for cryptocurrency on their phones. The South Korean giant's crypto service debuted on the Galaxy S10 series last year. The Blockchain Keystore Wallet has since been a permanent fixture on its flagship Galaxy smartphones.
As of now, Samsung's Blockchain Wallet is available on the Galaxy S10, Galaxy Note 10, Galaxy S20, Galaxy Fold, and Galaxy Z Flip flagships, as well as the unlocked Galaxy S10 Lite.
Verizon versions of these smartphones don't support the crypto wallet, though. Users of these smartphones in North America can download the Samsung Blockchain Wallet and the Gemini mobile app from the Galaxy Store.
Cryptocurrency has always been seeing stalled user adoption. Industry watchers believe the main reason behind this ailing adoption is potential users lacking required technology confidence to invest their money into cryptocurrencies.
This integration between Samsung Blockchain Keystore Wallet and Gemini exchange makes things easier for such people. It allows users to buy crypto securely and then self custody their crypto directly on their phone.