Owners of Samsung phones will be able to buy, sell and store cryptos after its partnership with Gemini is online
Samsung recently added Gemini into its Blockchain Wallet ecosystem, giving its users the ability to easily buy and sell crypto with a user-friendly interface on their Samsung phones. As one of the most popular handset makers in the world, the ability to easily buy cryptos from a Samsung handset could be a game changer.
Samsung has developed a cult following, appealing to tech-savvy individuals. In 2019, Samsung held a 21.8% market share, with a total of 298.1 million units shipped.
New ways to do cryptos
With the large numbers that it brings to the table, Samsung has the capability to lead the charge for the adoption of cryptocurrencies with Gemini, a leading crypto exchange.
Gemini CEO, Tyler Winklevoss, commented on the partnership:
“Crypto is not just a technology, it is a movement. We are proud to be working with Samsung Blockchain to bring crypto’s promise of greater choice, independence, and opportunity to more individuals around the world.”
As mentioned in Cointelegraph, Gemini is designed to be beginner-friendly, focusing on buy-and-hold investment strategies rather than those used for actively trading, which are usually reserved for people who want to take on additional risk.
The beginner-friendly sentiment also applies to how Gemini is implemented on the Samsung blockchain. The device will act as a cold storage wallet, allowing users to avoid finding an alternative for a digital wallet.
A director at Gemini commented:
“For millions of Samsung users across the U.S. and Canada, being able to store crypto directly on their phones lowers another barrier to entry.”
An arsenal on a phone
The Samsung blockchain contains a vast amount of decentralised applications (dApps) for users to employ. The most recent collaboration was with a blockchain game called Decentraland.
The partnership allows the trade of non-fungible tokens from the game called LAND to be traded by players using the Samsung wallet.
Other notable collaboration includes one with AERGO where the partnership acts as an incubator for Decentralised Finance (DeFi) applications.
DeFi is a digitised and decentralised version of a traditional financial instrument. It could be used to take out a loan or to send money and so on without the cost or the drawbacks of having intermediaries.
Together with Gemini and other functions such as DeFi, Samsung could potentially deliver the whole blockchain and cryptocurrency industry to consumers that only have a phone. It could revolutionise how developers could approach investors and users in the future.