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Since Samsung’s announcement of bringing the crypto world a little closer to your fingertips in its Galaxy S10 flagship, there have been a lot of speculations concerning the project. This even got worse (or better) with the news that Samsung transferred its blockchain task force of the mobile business division to its service business arm a few days ago.
The news spread far and wide and there are a couple of theories which explain this as a step further towards the roll out of crypto payments on the Samsung Pay platform.
The blockchain task force, which is currently headed by the Vice President of the company’s service business division Kim Yong-jae, is responsible for integrating blockchain-related features with the company’s smartphones. The task force is responsible for equipping Samsung Galaxy S10 with Samsung Blockchain Wallet and Samsung Blockchain KeyStore. The breathtaking Samsung Galaxy S10 released earlier in March is just one of the many blockchain-enabled smartphones to come.
The recent shuffling in Samsung was in line with the company’s expansion project. Also, merging the blockchain task force with the service business division is all the clue we need to know that the company is moving forward with the project at full steam. And who knows, it might be launched sooner than we speculated.
While this will be a huge win for the crypto space, some people are of the opinion that the move to introduce cryptocurrencies on the Samsung Pay platform is just a means to expand the company’s global customer base. They argue that providing people with the opportunity to bypass traditional banking issues will attract a stupendous crowd to the platform; therefore, leading to more sales of the smartphones, as you will need to own a Samsung smartphone to gain uninterrupted access to your finances.
Ordinarily, customers using the Samsung Pay platform and other derivatives of conventional banking elements are compelled to pay certain amount as fees either monthly or at the end of each transaction. With the integration of crypto with Samsung Pay, these fees will be grossly reduced to the lowest possible amount. Essentially, consumers will enjoy the opportunity of performing the same transactions as they used to without paying as high as they do at the moment.
This is, of course, a good incentive to attract a crowd of crypto enthusiasts to the platform, and by extension the company. Rest assured we will keep you posted as more details are released.