Samsung Explores Samsung Coin Cryptocurrency Launch After Working On Ethereum’s Blockchain

Samsung Could Launch A Cryptocurrency Token After Working On Ethereum-Based Blockchain

The South Korean company Samsung could be releasing a virtual currency after working on an Ethereum-based blockchain platform. According to CoinDesk Korea, an anonymous source believes that Samsung may end up developing a public-private blockchain. This blockchain could also feature a digital currency. Nonetheless, the information has not yet been confirmed by the company.

Samsung Could Launch A Virtual Currency

There are different digital assets in the market that were launched by a large number of startups and companies. This time, Samsung seems to be interested in blockchain technology and a crypto-related token. According to a person familiar with the matter, explained that the company's blockchain task force is currently building a blockchain network based on Ethereum (ETH). Ethereum is the second largest virtual currency and blockchain in the market after Bitcoin (BTC) and it is widely used by projects that want to release their tokens. Apparently, the blockchain network is expected to be a combination between a public and a private network.

During a conversation with CoinDesk Korea, the source explained:

“Currently, we are thinking of private blockchain, though it is not yet confirmed. It could also be public blockchain in the future, but I think it will be hybrid – that is, a combination of public and private blockchains.”

After the development of the blockchain is completed and running, the firm could eventually launch a Samsung Coin token. This virtual currency might be added to digital currency exchanges and participate in the market as other virtual currencies do, including Bitcoin and Ethereum. Moreover, the company could pair its blockchain network and coin with Samsung Pay.

Back in March, Samsung unveiled its new Samsung Galaxy S10 that included a cryptocurrency wallet that supports ERC-20 tokens and other blockchain-based assets. In order to create this wallet, the firm worked with the crypto gaming platform Enjin.

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