Samsung — the South Korean multinational conglomerate — recently filed trademarks unmasking rumored plans to launch an integrated hot/cold cryptocurrency wallet with their upcoming S10 phone.
According to SamMobile, the app will feature a hot wallet for sending/receiving Bitcoin, Ethereum (and ERC-20), and Bitcoin Cash as well as containing a cold storage wallet for secure offline custody of private keys.
The S10 and Cold Storage
Cold storage is becoming an increasingly common preference among users as they learn more about the enhanced security measures they afford. Integrating a cold storage wallet on a mobile phone has some significant consequences for the mobility of users’ primary savings of cryptocurrencies.
Many users may prefer to keep their cryptocurrencies on established cold storage wallets — Trezor and Nano — rather than their mobile phone, but the use case is an interesting an emerging trend. Sirin Labs will start shipping The Finney Phone — a blockchain-focused phone — this month, which also comes with an integrated cold wallet for its users.
The E.U. trademark requests by Samsung were not an official announcement by Samsung on an integrated cold wallet, however. Samsung issued a statement today denying that the application is official in private correspondence to CoinTelegraph, stating:
“Unfortunately we are unable to provide any information as the below is rumour and speculation.”
Samsung’s speculated integration of a cold storage app is a result of the telling requests the company filed and the recent news that HTC is pursuing a native blockchain phone. Smartphone providers that assist in onboarding cryptocurrency users and facilitating the adoption of crypto apps by the mainstream should achieve an early-mover advantage in network effects over other companies as competition ramps up.
It is unclear if the application will be added to the much-anticipated S10 phone, but SamMobile reported that it was “confirmed” in their update.
Mobile Phone Blockchain Applications
Mobile apps are a potent method for fostering adoption of a technology or user-base. Cryptocurrency companies are slowly gaining traction in the mobile market, with services from exchanges to integrated wallets emerging left and right.
Gemini — the US-based exchange — recently launched their mobile app for trading on their platform. Further, Circle — who recently bought Poloniex — continues to expand its Circle Invest offering for more and more altcoins. However, Circle Invest is currently only an investment vehicle, and users cannot transfer assets out of the wallet.
Dapp explorers such as Coinbase Wallet are also making meaningful progress in improving the UI/UX of interacting with cryptocurrency networks, something that limited their initial adoption.
The mobile phone market will play a crucial role in the eventual large-scale adoption of cryptocurrencies. Samsung’s rumored cold wallet may provide the necessary accelerant for one of the most popular smartphone communities.