Samsung would work on its own blockchain network and its own cryptographic currency. That’s what CoinDesk Korea says on the basis of an insider who would know ‘of the hat and the edge’.

The blockchain task force, part of the wireless department, would work on a blockchain network based on Ethereum. Samsung’s work would still be in an “internal, experimental” phase. According to the source, the development of a private blockchain is now being considered, although this has not yet been confirmed. “I think it’ll be a hybrid: a combination of public and private blockchains.”

When the blockchain is finished, Samsung might also want to launch a Samsung Coin. Should the company indeed develop a public blockchain, the Samsung Coin could be traded on alternative currency exchanges, as is currently the case with the bitcon and ethereum. The technology in the Samsung Pay payment app can also be used, although it is not yet certain that this will actually happen.

The company’s blockchain task force would have been working on developments and various projects for a year now.

Investment

Shortly after it became known that Samsung might be working on its own crypto currency, the company announced that it would invest 2.6 million euros in Ledger. Ledger is a French crypto company, and is known for its hardware products. This includes the Ledger Nano S, a physical wallet for crypto currency, reports Mashable.

Ledger has an expertise in building cryptographic currency wallets, so it is speculated that this investment has something to do with the cryptographic currency that Samsung would like to develop. However, the two companies did not disclose any details of the agreement.

However, CEO Eric Larchevêque said shortly after the announcement of the news that although hardware wallets are still required, the smartphone will play a “central role” in the crypto revolution.

This news article was automatically translated from Dutch to give Techzine.eu a head start. All news articles after September 1, 2019 are written in native English and NOT translated. All our background stories are written in native English as well. For more information read our launch article.