The South Korean corporation Samsung Electronics, presumably, is developing a blockchain, which can be used to release its own cryptocurrency, writes CoinDesk Korea, citing sources familiar with the situation.

It is expected that the basis of Samsung’s cryptocurrency will be based on Ethereum blockchain. According to the source, at present, the project is at the stage of internal testing and in the future can be transformed into a public blockchain. Source also admitted that the cryptocurrency released by Samsung would be circulated on publicly accessible trading platforms.

“We expect Samsung Coin to enter the market, but the direction of the project has not yet been determined,” said a source in the company.

Earlier this year, Samsung introduced the Galaxy S10 smartphone with support for a crypto-wallet, in particular for working with decentralized applications in the Ethereum ecosystem.

Last year, the company began using blockchain in global supply chains and confirmed information about its involvement in the chip mining industry for cryptocurrencies.

Featured image credit: Samsung