Samsung has issued an official announcement informing users that they will now be able to manage and trade cryptocurrencies from third-party wallets directly on “Galaxy” smartphones.
This update will provide blockchain users with a more convenient and faster way to process transactions between cryptocurrencies, by transferring funds from cold storage wallets to Samsung phone blockchains.
Samsung’s “Galaxy” series smartphones currently support hardware wallets, including the “Ledger Nano S” and “Ledger Nano X”.
Since the Samsung Blockchain KeyStore was first launched in 2019, there have been four cryptocurrencies supported by the wallet, namely:
Clayton (KLAY), Ethereum (ETH), ERC-20 currencies, Bitcoin (BTC) and TRON (TRX).
Samsung has also expanded its support for crypto products to decentralized applications (DApps).
There are now more than 40 Dapps built into the Samsung blockchain, and developers can create their own apps on this basis for applications in finance, social media, and even the video game industry.
For managing cryptocurrencies, device security is of the utmost importance.
The private keys used for cryptocurrencies and DApps are encrypted and stored in an isolated area from the main operating system.
Samsung wrote about it:
THIS INFORMATION IS FURTHER PROTECTED BY A SECURE PROCESSOR AND CAN ONLY BE ACCESSED BY PROVIDING A PIN OR FINGERPRINT TO THE ASSET OWNER.