It is rumored that the second largest technology firm in the world may bring a digital asset wallet with the launch of the Galaxy S10 smartphone.

South Korean multination conglomerate, Samsung, may be the latest technology firm to jump into the blockchain bandwagon if rumors are to be believed.

The reports are based on the news of smartphone giant registering trademarks “Blockchain KeyStore,” “Blockchain key box,” and “Blockchain Core” in the European Union. The development was reported earlier on Wednesday by TechRepublic.

According to the article, the firm is developing a cold as well as a hot wallet and the service may be available in time for the launch of the new Galaxy S10 smartphone.

Cold wallets allow users to keep their private keys offline and provide the highest level of security. Physical access to the device is required to retrieve the keys.

Hot wallets, on the other hand, are always connected to the internet and make it convenient for the users to carry out cryptocurrency-based transactions. Reportedly the names for the wallets are not yet finalized.

Competition for HTC

With this launch, Samsung is likely to spoil the comeback ambitions of HTC, which earlier in October launched its blockchain-based smartphone dubbed Exodus 1. The Taiwanese firm has also created its own crypto wallet, Zion, which functions as a hardware wallet.

HTC had sold off part of its business to Google in 2017 for $1.1 Billion. The firm had been facing losses due to shrinking market share in the smartphone segment which fell below 1% in 2017.

HTC had kept the focus on security while designing the Exodus. The device comes with a unique security Social Key Recovery safeguard in the eventuality of the user losing the phone with funds in it.

While setting up the device, users must select several contacts who receive a part of the key which when combined can be used to recover the wallet.

Specifications of the Galaxy S10

It is reported that the Galaxy S10 will come with a version that will feature a massive 6.7-inch display along with six cameras and 5G support. The flagship smartphone is generally powered by Qualcomm Snapdragon SoCs (System on chips) in North America and Japan, and with Samsung’s proprietary Exynos SoCs in the rest of the world. The non-5G version is also likely to be launched.

Officials of the Korean firm, however, declined to comment on the report and called it “rumor and speculation.” The cryptocurrency market has witnessed a sharp decline since mid-November triggered by the Bitcoin Cash hard-fork and the ensuing hash war.

If the reports are accurate, the launch of the crypto friendly smartphone is sure to increase the adoption of cryptocurrencies among the users of Samsung smartphones.

Do you agree that a Samsung smartphone with a crypto wallet will help push the adoption of digital assets? Let us know in the comments below.

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