Samsung Files For UK Trademark For Its Crypto Wallet


Electronics behemoth Samsung is reportedly seeking approval for a trademark from United Kingdom authorities for the South Korean giant’s cryptocurrency wallet.

The U.K’s trademarks agency, the Intellectual Property Office, published the company’s filing on December 27, 2018.

The application is currently under examination. As described under the “Classes and terms” sub-section of the filing, the tech giant notes that the trademark would be utilized in the development of “computer software for use as a cryptocurrency wallet.”

It also cites the development of blockchain-based computer software that would be used in the transfer of funds and payments in crypto.

The filing also talks of “Computer application software for smartphones,” which it describes as software that allows smartphone users access to blockchain technology via their devices. The app would let users transfer crypto funds and make payments via third-party application software.

Samsung’s application for the trademark comes a few weeks after rumors surfaced (which the South Korea firm denied) that the company was on the verge of releasing a cryptocurrency cold wallet. The rumor was that Samsung would launch the cold storage wallet on its flagship Galaxy S10 smartphone.

At the beginning of December 2018, Samsung made its intentions obvious when it filed three E.U.  trademark applications. The applications submitted on December 10 were for the development of blockchain and crypto- related software.

The move by Samsung comes days after rival smartphone maker HTC successfully integrated blockchain-based browser Brave onto its HTC Exodus 1 phone.

Announced last December, the development meant that the Exodus 1can now supports multiple blockchains, including that of bitcoin and ethereum.

In a busy end to 2018, another company that also launched a new product was SIRIN Labs, with the crypto-focused firm launching the first blockchain-enabled smartphone in Barcelona in November.

The Israeli startup launched the FINNEY phone amid aplomb, pricing it at $999. The phone incorporates both Android technology and the firm’s SIRIN OS, an open-source operating system.

The blockchain phone offers its users access to a state-of-the-art cold-storage cryptocurrency wallet as well as providing added security via its Intrusion Prevention System (IPS), an encrypted communications protocol.

For Samsung, its foray into cryptocurrency continued with the launch of its new 7-nanometer chip in October.

At the time, the company said that the chip would significantly reduce mining costs and positively impact on energy consumption, benefiting miners utilizing its hardware. The mining chip was the product of Samsung Foundry, a production wing of the electronics maker.

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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