Introduction

Samsung might soon takeover the crypto industry as well as it will be launching its own cryptocurrency platform very soon, which will be interesting to see how things would turn out for the tech giant.

Also Read: What is Cryptocurrency?

Highlights

• The crypto industry might witness a revolutionary change as Samsung will launch its first platform in the market in 2023
• Samsung might stand to gain with this new market as South Korean president Yoon Suk-Yeol is in favour of it
• Samsung has already provided a crypto wallet on all its smartphone models in 2019.

Samsung to Launch its Own Cryptocurrency

It seems Samsung wants to create new boundaries in the cryptocurrency field and make a mark in it like it has done in the field of technology. It isn’t easy for a tech giant like Samsung to take the route that is considered quite risky.

The crypto industry is one that has a lot of potential in it but as many risks where you stand more to lose than to gain, which is why even the biggest of tycoons are hesitant to get into it.

Samsung has undertaken a very ambitious project where much relies on chance where a single mistake can prove disastrous but considering that South Korea’s new legislation favours the cryptocurrency industry, the company has needed the much needed moral boost to go ahead with the project.

It means that Samsung may soon have its own cryptocurrency that might very well come out by the early half of 2023 as the project has already been handed over to the Samsung Securities Division that are working on the service development that is based on blockchain.

President Yoon Suk-Yeol has encouraged Samsung and other South Korean tech giants to accelerate their investments in the cryptocurrency sector, while the time too is in the company’s favour as the ex-South Korean administration closed down many of the platforms in 2021 via regulatory law.

This helped increase the necessary obligations and requirements for the company to move ahead with the project and make an attempt to fill up the void left by all the shut down platforms.

Samsung had already offered a secure crypto wallet on all its high end phones back in 2019, while the Samsung Wallet too was made available where everything was bet on blockchain and security.

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