Samsung Denies Claims It Has Developed A Crypto Wallet For Galaxy S10

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An ‘exclusive’ report published by Sammobile yesterday claimed that South Korea electronics giant Samsung had developed a bitcoin app that would allow users to store crypto in a cold wallet.

The news-sharing site ‘confirmed’ that the tech company would be launching the new product with its next release of the flagship Galaxy S10 smartphone. But in a quick rejoinder, Samsung has dismissed such claims.

Samsung refutes claims as ‘rumors’

Samsung has denied the allegations, terming them as rumors and based on speculation. In comments made to Cointelegraph, the company also said that it does not have any plans of launching a cryptocurrency cold wallet on the flagship Galaxy S10 phone.

The response from the company delivered on December 11 did not elaborate on the matter but told Cointelegraph in private correspondence that:

 “Unfortunately we are unable to provide any information as [this] is a rumor and speculation.”

‘Rumor’ from trademark requests

The alleged development came on the back ‘news’ that the electronics conglomerate had successfully filed three E.U. trademark requests related to blockchain and cryptocurrency software.

Filed on December 10, 2018, the trademark requests were allegedly part of Samsung’s plans to launch a cold wallet for the storage of cryptocurrencies, ostensibly via the Galaxy S10.

A search on the website of the European Union Intellectual Property Office (EUIPO) reveals the three trademark requests as being the “Blockchain Keystore,” the “Blockchain key box” and the “Blockchain Core.”

The three trademark requests appear under various categories, including “Smartphones, Application, Software applications, and Computer software platforms.

However, there is very little in the form of concrete details about the intended services or potential applications for the trademarks.

SamMobile also claimed that Samsung’s cold wallet app would allow users to create new wallets as well as transfer cryptocurrencies.

Nevertheless, in case one fancies it, they could still “import their existing wallets” and store digital assets like Bitcoin (BTC), Bitcoin Cash (BCH) and Ethereum (ETH) plus a number of ERC20 tokens.

It is notable that SamMobile has previously published an “exclusive” story that turned out to be untrue.

The ‘fake’ news that the platform published in 2016 alleged that Samsung was set to ditch the 3.5mm headphone jack used in its previous Smartphones. It did not happen.

Samsung’s blockchain inroads

The conglomerate has no current plans to develop a cold wallet, but the company’s IT and tech subsidiary- SDS-has ventured into the blockchain industry through various projects and partnerships.

Sometime back, Samsung’s IT subsidiary signed a partnership with Europe’s largest port and ABN AMRO a top  Dutch bank to pilot the use of blockchain technology in shipping.

Earlier this year, the SDS also launched a new blockchain platform tailored to augment competitiveness for businesses in the financial sector. Another blockchain initiative was designed to help enhance the logistics industry.

(Source: SamMobile; Cointelegraph)


Disclaimer: This is not investment advice. Cryptocurrencies are highly volatile assets and are very risky investments. Do your research and consult an investment professional before investing. Never invest more than you can afford to lose. Never borrow money to invest in cryptocurrencies.

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