Samsung users can now manage, trade crypto through third-party wallets

Samsung recently announced it would allow its users to manage and trade cryptocurrencies from third-party wallets through its Samsung Galaxy smartphones.

The company believes this development will provide a more convenient and faster means of transactions between digital assets by transferring funds from cold storage wallets to the Samsung blockchain.

The Galaxy series of Samsung smartphones currently support hardware wallets Ledger Nano S and Ledger Nano X, and since its first launch back in 2019, the Samsung Blockchain KeyStore has been supporting four digital currencies, namely Klaytn, Ethereum, Bitcoin, and Tron.

On to the new upgrade

The South Korean tech giant utilized its press website to make the public announcement of the upgrades they have recently made.

“Support for hardware wallets provides Galaxy Blockchain with a consistent user experience of managing crypto assets from one convenient location,” the company said. It also added Galaxy smartphones can now link to hardware wallets such as the Nano S and X.

Upon launching the Galaxy 10, Samsung has allowed users to explore Decentralized Apps or DApps that leverage blockchain technology to validate the exchange of cryptocurrencies.

Samsung assures security

With the latest offering from Samsung, users can’t help but question about its security, given the number of cyber threats that have ravaged the whole DeFi sphere.

In this regard, for the management of digital currencies, Samsung believes that the security of the device is the most important. The company assured that private keys utilized for cryptocurrency and DApps are encrypted and secured in an isolated area from the main operating system.

Samsung Electronics further assured that this information is also protected by a secure processor and can only be “accessed by providing the asset owner’s PIN or fingerprint.” The company has always claimed to make blockchain transactions secure by using their defense-grade Samsung Knox security platform.

 

Image courtesy of Cointelegraph News/YouTube

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