In recent news, a user on Reddit pointed out that from August 8, Samsung has added Bitcoin to its Blockchain Keystore SDK. Additionally, they have added the Klaytn network as well, which is the blockchain project of Korea’s largest social messaging company Kakao.
While Samsung’s blockchain integration project is relatively new (they launched it a month ago), initially it supported only Ethereum-based or ERC-20 tokens. However, now they have expanded their limits and will allow users to operate with Bitcoin and Klaytn-related cryptocurrencies.
This is a massive step towards crypto and Bitcoin mass-adoption, in general. Samsung is one of the leading smartphone manufacturers in the whole world and will potentially put cryptocurrencies at the fingers of millions of people.
Moreover, it’s worth mentioning that this new addition will only work on the newest Galaxy phones. With this new feature, users will be able to sign transactions and reference blockchain addresses.
While the SDK is not ready yet, this could be the main reason why the company decided to keep relatively quiet about this occasion. Let us remind you that the project is live in beta mode for only a month. Samsung’s initial plans are to launch the SDK fully by the end of 2019.
“Official version of Samsung Blockchain SDK will be announced by the end of 2019. In the meantime, developers can request a partnership to use the beta version of the Samsung Blockchain SDK,” says in the company’s website FAQ.
However, when talking about the “millions” that Samsung could potentially reach, there is a slight downside to this. As mentioned above, only the newest Samsung Galaxy devices like Galaxy S10e, S10, S10+, S10 5G, Note10, and the Note10+ will support this new feature. Also, Samsung has revealed a few countries in which this SDK will be restricted. Those countries are USA, UK, Canada, Germany, South Korea, Spain, and Switzerland. Those are quite large countries with a huge population.
Today, at the time of writing, Bitcoin is down by -7,54% with the price being $10,464. So far, everything is going by Goldman Sachs analysts’ plan. Bitcoin dominance is still holding above 60%, sitting at 67.4%. The overall cryptocurrency market cap is $277 billion and overall, today the crypto markets are in the red zone and this news hasn’t much affected the overall tone.