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Samsung Bitcoin App In Works With Ability to Import Cryptocurrencies: Report

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Samsung Bitcoin App In Works With Ability to Import Cryptocurrencies: Report

Samsung could preload its Bitcoin app with the Galaxy S10

Highlights

  • Samsung's Bitcoin app is said to have a cold wallet and crypto wallet
  • Cold wallet will let users save cryptocurrencies, public and private keys
  • The app is said to support PIN and fingerprint security options

Samsung is reportedly building a Bitcoin app that could come with a cold wallet to save cryptocurrencies. The uniquely designed Bitcoin app that is rumoured as the Samsung Bitcoin app could come preloaded on the Samsung Galaxy S10 flagship next year. It is also said to have a dedicated crypto wallet to let users view all their account information and transaction history as well as transfer cryptocurrencies. On the security front, the app is reported to use PIN and fingerprint as the options to secure its operations.

Unlike many other Bitcoin apps, Samsung's cryptocurrency solution will have two major parts, reports SamMobile. One part of the app will be the cold wallet to let users save their Bitcoin and other cryptocurrencies, public and private keys, and sign private keys for cryptocurrency transactions. A traditional cold wallet notably offers an offline cryptocurrency storing space. In contrast, its second part is said to be available as a crypto wallet to enable transfers as well as monitoring of account information and transaction history. The Samsung Bitcoin app is also reported to support imports from existing wallets and third-party services such as Metamask and TrustWallet. Further, there will initially support for cryptocurrencies and tokens such as Bitcoin, Ethereum, Ethereum-based token ERC20, and Bitcoin Cash.

As security is vital for a cryptocurrency app, accounts created using the Samsung Bitcoin app will be stored on the blockchain network with complete anonymity. It is also said that Samsung won't be able to access the data stored through its app, and the standard 12-24 word phrase will be the only way to access the data. The Bitcoin app is also said to have PIN and fingerprint as the options to authenticate access. This corroborates previous reports highlighting the absence of the iris scanner on the Galaxy S10. Some rumours also suggested that the new flagship model will have in-display fingerprint sensor option.

Details around the availability of the Samsung Bitcoin app are yet to be revealed. However, it is likely to come pre-installed on the Galaxy S10 next year. The South Korean giant earlier this year kicked off the production of its special ASIC (Application Specific Integrated Circuit) chips that will enable the mining of cryptocurrencies such as Bitcoin and Ethereum. It was also reported that the company has tied up with some Chinese Bitcoin hardware makers to begin the mass production of its new chips.

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Further reading: Samsung Bitcoin app, Samsung, Bitcoin
Jagmeet Singh Tech journalist by profession, tech explorer by passion. Budding philomath. More
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