Samsung recently filed a patent for one cryptocurrency wallet. It’s unclear whether that wallet is going to be a standalone hardware wallet or a wallet built into any smartphone.
It seems that smartphones equipped with cryptocurrency features are going to be the next big thing in the world of both smartphones as well as cryptocurrencies. We’ve seen how a number of blockchain and crypto-centric smartphones are under development from Sirin, HTC and a few other companies, and now it seems that Samsung is also throwing its hat into the ring. The company recently filed a trademark application for cryptocurrency wallet in UK’s Intellectual Property Office, which has once again fueled the rumors that South Korean electronics giant may be working on a crypto wallet equipped smartphone.
The patent in discussion, titled “Samsung Crypto Wallet” in a very straightforward and unambiguous manner, doesn’t reveal much about the wallet. That leaves us with a number of questions. For example, is it a standalone hardware wallet or a smartphone with cryptocurrency wallet? Is it really going to be a product or Samsung filed this patent only to be on the safe side? Well, it will take some time before we get the answers to these questions.
It’s worth noting that with every new generation the flagship smartphones are getting more and harder to improve. Finding the next big thing to innovate upon is really difficult in smartphone industry as display, camera, form factor, unlocking mechanisms all have been improved considerably. Therefore, it makes sense for smartphone makers to launch a smartphone with a crypto wallet. That will not only add a new feature to their device but also help them tap a new market. Smartphone-based crypto wallets can also be convenient and secure the users at the same time because they won’t require the users to carry a separate hardware wallet while still keeping the keys securely stored in a separate chip inside the device.
However, despite their appeal blockchain smartphones are not coming anytime soon. While Sirin’s Finney smartphone has been derided for its design and mediocre features, HTC Exodus has been delayed. In such a situation if Samsung can launch a smartphone that’s complete with a cryptocurrency wallet, it can capture the market early on. So it will be very interesting to see whether Samsung capitalizes on this opportunity or not.