On May 28th, Tyler Winklevoss, the founder of Gemini announced on his blog, a new partnership with Samsung, it turns out that users of the Samsung Blockchain Wallet can now connect to the Gemini mobile application to buy, sell and exchange cryptocurrency.
Samsung and the Blockchain: An Endless Story
The story began in December 2018, when Samsung dismissed the idea of an integrated crypto wallet, calling it 'rumor and speculation'. However, later, in January 2019; on images shared by the Internet user Ben Geskin on January 23, 2019, it became clear that the wallet would even have a name already, the 'Blockchain Keystore'.
Samsung finally confirmed this idea and is one of the first major smartphone manufacturers to integrate a wallet with a cryptographic device in a smartphone. He joins HTC, which has been touting the Exodus 1 for months, Sirin Labs, which uses the proceeds of a huge ICO to build the Finney, and then the Electroneum, which sells an $80 Android phone that can extract cryptocurrency.
It's the SAMSUNG GALAXY S10, the first smartphone with a wallet that allows users to store cryptos such as Bitcoin, Ethereum or other. It was at the Mobile World Congress in Barcelona, Spain, on February 25 that a representative from Samsung spoke about the new features of the Samsung Galaxy S10. The representative revealed that in addition to the portfolio that can contain Bitcoin and Ethereum, the Galaxy S10 phones also support certain decentralized applications ('Dapps'). This allows users to earn COSM and Enjin tokens.
Since then, Samsung Mobile has become more involved in Blockchain technology and has entered into partnerships in various areas related to Blockchain. In April 2019, Samsung SDS signed an agreement with Mahindra, one of India's largest industrial groups, under which both companies will promote Samsung NexLedger's Blockchain platform in South Asia.
In January 2020, the partnerships continued, Alexander Drummond, co-founder of GatePay, a company specializing in encrypted payments, told cointelegraph at the 50th World Economic Forum in Davos, Switzerland:
'We're about to partner with the world’s largest or second largest payment network. If people have a typical Android phone, they are probably already connected to this ecosystem. I can only tell you that we are about to announce a collaboration with Korea's largest consumer electronics manufacturer'. Note that GatePay is a software that POS distributors install in the checkout systems of their merchants to support all kinds of credit cards and encryption.
A Samsung Coin?
April 2019, we also learned that Samsung was developing a blockchain network on Ethereum and was planning to launch its own digital token the 'Samsung Coin'.
According to CoinDesk Korea, South Korean electronics giant Samsung is developing its own blockchain network and plans to issue its own token in the more distant future. According to a reliable source, Samsung has set up the framework for its own blockchain core network, the Samsung Coin token would be based on Ethereum and was also being developed to be traded on the stock exchanges alongside Bitcoin and Ethereum. Samsung had already had a working group dedicated to research and development of its payment blockchain network for almost a year in 2019.
According to this source:
'Currently, we are thinking of a private blocking chain, although this has not yet been confirmed. It could also be a public channel in the future, but I think it will be a hybrid, i.e. a combination of public and private channels'. When the development of the blockchain is completed, Samsung may also launch a Samsung Coin token. The market is waiting for the release of Samsung Coin, but the direction has not yet been decided. If the company develops a public blockchain in the future, then Samsung Coin could be publicly traded on the cryptocurrency exchanges, just like bitcoin (BTC) and ether (ETH). Samsung could also introduce the blockchain technology into its payment application Samsung Pay, but the decision has not yet been made. '
A new partnership with Gemini
In the case of the partnership with Gemini, users of Samsung's e-purse, which enables self-monitoring of Bitcoin and cryptography directly on the new Samsung Galaxy models, will be able to buy and sell Bitcoin and a small selection of other crypto-currencies via the Gemini Exchange.
Let's first know who Gemini is; Gemini is a Bitcoin investment fund for institutional players. Gemini is launched on October 25, 2015 by Cameron and Tyler Winklevoss and is the first regulated dollar/bitcoin exchange platform open to US institutional clients, mostly New York-based, such as financial institutions, banks, and pension funds. In other words, Gemini is a digital currency exchange and depository that allows customers to buy, sell and store cryptography.
Gemini becomes the first U.S. crypto platform to partner with Samsung. Tyler Winklevoss, co-founder of Gemini said:
Cryptocurrency isn't just a technology, it's a movement. We are proud to work with Samsung to bring the crypto promise of more choice, independence and opportunity to more people around the world,' he said.
This partnership will enable U.S. and Canadian users of the Samsung Blockchain Wallet to connect in conjunction with the Gemini mobile application. They will be able to buy, sell and 'trade' the available cryptocurrency at their leisure.
Tyler Winklevoss added in the statement:
'By connecting their Samsung Blockchain Wallet to Gemini, users can buy and sell cryptocurrency, view their Gemini account balance, and also transfer their cryptography to a cold storage facility with Gemini Custody for the highest level of security. This collaboration provides users of digital assets with global options and independence - features that are inherent in the cryptosystems that are at the heart of their business.
Written by Laetisia Harson, Project Manager at Magna Numeris