Samsung To Develop Its Token On Ethereum Blockchain

With reports emerging that Samsung is considering developing its own blockchain, accompanied by its own token, the consensus that it will is gathering strength.

CoinDesk Korea first reported the rumors of Samsung launching its own blockchain, which would be based off of Ethereum. The new token, which has informally been dubbed “Samsung Coin”, would be used for Samsung’s public-private. The anonymous source said,

Currently, we are thinking of private blockchain, though it is not yet confirmed. It could also be public blockchain in the future, but I think it will be hybrid – that is, a combination of public and private blockchains.The market expects Samsung Coin to come out, but the direction has not yet been decided.

Samsung itself has not made an official statement on the matter, but the decisions and announcements made in recent times suggests that such a project is indeed in the works.

The company has already showcased its interest in blockchain technology and cryptocurrencies after the Samsung Galaxy S10 had in-built support for a few cryptocurrencies, including Ethereum (ETH).

Samsung also recently invested $2.9 million in hardware wallet manufacturer, Ledger.