In a new partnership, Samsung has announced that its blockchain wallet will be integrated with New York-based crypto exchange Gemini to allow owners of newer Samsung Galaxy phones to not only use their devices as cold storage wallets but to buy and sell crypto via the Gemini exchange as well.
Previously, owners of Samsung Blockchain Wallet-compatible devices were able to store crypto on their phones, send and receive crypto, and use decentralized applications. However, with this latest addition, Samsung owners will now be able to buy and sell crypto via Gemini too, making it easier for those new to crypto to get their hands on their first tokens.
This may help to overcome some of the roadblocks facing the global adoption of cryptocurrencies. Samsung is the global leader in the smartphone market, with 298.1 million units shipped and a 21.8% market share in 2019, according to tech analytic firm Canalys. Adding support for Gemini will lower the barrier to entry to cryptocurrency use for millions of people.
In 2019, Samsung rolled out the Samsung Blockchain Wallet, which supports sending, receiving and storing ERC-20 tokens as well as using DApps built on Ethereum.
This was viewed as one of tech’s biggest moves toward crypto adoption, along with Facebook’s digital currency, Libra. Unlike some other crypto exchanges such as Binance, Bittrex or Poloniex, Gemini focuses on providing a streamlined and intuitive crypto buying and selling experience for its users instead of an environment designed for active trading.
By natively supporting Gemini with Samsung’s existing cold storage wallets, the two companies are making it exceedingly easy for new blood to enter the crypto space and safely secure funds in cold storage.