By Just last week, rumours were blowing up the web about Samsung releasing its own cryptocurrency. The rumours were confirmed earlier today by the head of business development and fintech at Samsung SDS in Europe by one Moritz von Widekind who stated that the South Korean tech giant is indeed exploring the possibility.
The representative answered the press’s questions at the Blockchain Expo in London confirming that the company is indeed discussing Samsung Coin with the design and use case for the token still being unclear at the moment. Its purpose will more than likely be some sort of customer loyalty program. At this stage, its still a work in progress with many departments within Samsung working on it. Should the coin come to fruition it will be fully controlled by the electronics division in South Korea.
von Widekind commented:
“Samsung is a huge organization and everyone within the organization works with blockchain, to a certain extent. We are building this multi-use case enterprise platform, which of course, can be used by any Samsung entity, but it doesn’t have to be.”
Its common knowledge to both those in the crypto community and the general public that Samsung has long shown interest in cryptocurrency and the release of the Galaxy S10 solidifies this interest as the phone has crypto wallet capabilities.
Further rumours suggest that Samsung’s blockchain division was at work on a network based on Ethereum which led to further conclusions surrounding the development on the company’s own cryptocurrency.
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