Possible Effects of Electronic Giant Samsung Investing in Ledger Wallets

Data & Research / 16.05.2019

The most intriguing part of the technological world today is introducing new products, offerings, and services that would consolidate the presence of an existing product and serve as a leap to further blaze new trails. This new awakening is the current trend, especially in the cryptosphere, where new advances in ideas are brought to the limelight to boost the impact of cryptocurrencies and blockchain-related products, paving the way for asset security, cryptocurrency trading, and investment as a whole. With this, the major players in the cryptosphere are always enthusiastic about finding such tech giants as Samsung playing a role in positively shaping the cryptosphere with their exceptional tech-products.

Samsung in the Cryptosphere

Samsung, the South Korean company, is renowned for manufacturing electronic devices ranging from mobile phones, computers, etc. The tech giant has enmeshed itself as a leading technology firm to reckon with, which is even more intriguing because it started as a grocery store on March 1, 1938. Since it delved into the production of electronic products such as televisions in 1969, Samsung has established itself as a major player driving technological advances globally.

Over the years, particularly since the advent of Bitcoin/ blockchain technologies, Samsung has been a major part of blockchain research and adoption. In June 2018, Samsung SDS, the Samsung Group’s IT services arm, launched a blockchain-powered finance platform called Nexfinance.

The finance platform aimed to allow financial companies and organizations to protect customer data with digital identity tools, finance concierge services, an artificial intelligence virtual assistant, and automated insurance solutions. Another trailblazing applause that the company received is infusing into their new phone Samsung Galaxy S10 with crypto wallets. The Samsung Blockchain Wallet is currently compatible only with ether (ETH) and ethereum-based ERC20 tokens. Still, as it’s customary, the wallet would soon be adapted to suit other cryptocurrencies, thus emphasizing deeper inclusion.

Samsung’s Investment in Ledger

Samsung’s role in the cryptosphere leaped into a new horizon with its investment in Ledger, France based cryptocurrency hardware wallet producer. Samsung pumped $2.9 Million into the company most renowned for their Ledger Nano S products and the new, improved Ledger Nano X devices. Many analysts see Samsung’s investment to pave the way for their soon to be unveiled blockchain network and cryptocurrency. Whatever the case may be, this support shows blockchain goodwill that undoubtedly would promote and enhance cryptocurrency safety.

How does this boost the Cryptosphere?

The move by Samsung to invest in Ledger would;

  • Serve as a clarion call to other technology giants to perhaps do the same and help strengthen cryptocurrencies.
  • Help Ledger, the company, boost their research in producing trusted hardware devices that would help safeguard cryptocurrency assets.
  • Position the minds of cryptocurrency investors and enthusiasts that cryptocurrency development is supported by credible brand names and worth investing in.

These effects are innumerable, and one thing is certain: crypto products would continually receive more support from such tech giants as Samsung, thus boosting the crypto image.

Conclusion

Cryptocurrency and Blockchain-based innovations are all part of a new technological cum financial revolution that has already shown signs of a promising future. The involvement of leading technology companies, of which Samsung is one in the research and development of cryptocurrencies, would help fast track the rightful positioning of crypto products, services, and offerings in the sectors and/or market they are targeted to solve problems.

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Alo Kingsley is a Btech degree holder in Building Engineering and has been a strong Cryptocurrency & blockchain enthusiast with immense interest for privacy and masternode coins. He is a passionate cryptocurrency writer and social media marketer since 2017. With a passion for architecture and construction as well he seeks to find a way of seamlessly functioning in the two fields to help Africa and the world at large.