Skip to Content
Blockchain

Samsung is working on its own blockchain and might launch its own cryptocurrency

April 24, 2019
samsung galaxy s10 phone
samsung galaxy s10 phoneAP

Samsung Coin? According to a new report, it might be on its way.

The news: First, the company is working on its own blockchain. There aren’t many details, but an anonymous source “familiar with Samsung’s internal situation” told CoinDesk that the South Korean company is building its own private Ethereum-based blockchain. Once it completes this experimental project, it may even launch its own token, according to the source.

A crypto-token for its crypto-phone? The newest version of Samsung’s Galaxy S10 smartphone includes a cryptocurrency wallet, software that stores private cryptographic keys, that is compatible with Ethereum-based tokens. The Galaxy S10 will also support blockchain-based “decentralized applications” (commonly called dapps). In that light, it would not be surprising if the company intends to get into the blockchain game itself.

Yet another big player going crypto: If Samsung is really building its own blockchain and cryptocurrency, it joins a growing list of big corporations that are doing the same. So far these include Facebook, JPMorgan, Japanese messaging service Line, and Japan’s biggest bank, MUFG. And given the blockchain-focused features in its flagship Galaxy S10, which has more than 40 million users, the company seems convinced the strategy will resonate with more than just crypto-enthusiasts.

Keep up with the fast-moving and sometimes baffling world of cryptocurrencies and blockchains with our twice-weekly newsletter Chain Letter. Subscribe here. It’s free!

Keep Reading

Most Popular

A Roomba recorded a woman on the toilet. How did screenshots end up on Facebook?

Robot vacuum companies say your images are safe, but a sprawling global supply chain for data from our devices creates risk.

A startup says it’s begun releasing particles into the atmosphere, in an effort to tweak the climate

Make Sunsets is already attempting to earn revenue for geoengineering, a move likely to provoke widespread criticism.

10 Breakthrough Technologies 2023

Every year, we pick the 10 technologies that matter the most right now. We look for advances that will have a big impact on our lives and break down why they matter.

These exclusive satellite images show that Saudi Arabia’s sci-fi megacity is well underway

Weirdly, any recent work on The Line doesn’t show up on Google Maps. But we got the images anyway.

Stay connected

Illustration by Rose Wong

Get the latest updates from
MIT Technology Review

Discover special offers, top stories, upcoming events, and more.

Thank you for submitting your email!

Explore more newsletters

It looks like something went wrong.

We’re having trouble saving your preferences. Try refreshing this page and updating them one more time. If you continue to get this message, reach out to us at customer-service@technologyreview.com with a list of newsletters you’d like to receive.