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Samsung Electronics Makes it Easier to Store, Trade Crypto With New Partnership

By Donna Fuscaldo – May 28, 2020 at 1:07PM

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Samsung is integrating its blockchain wallet with Gemini Trust, the U.S.-based crypto exchange and custodian.

Samsung Electronics (OTC: SSNLF) is making it easier for people to store and trade cryptocurrency thanks to a new partnership with Gemini Trust, the crypto exchange, and custodian. 

Through the deal, Gemini Trust will power the Samsung Blockchain Wallet, enabling users in the U.S. and Canada to purchase, sell, and trade digital tokens. It marks the first time that Samsung Electronics is partnering with a U.S. crypto exchange. Gemini Trust was founded by twin entrepreneurs and venture capitalists Tyler and Cameron Winklevoss. 

A finger tapping a bitcoin icon on a mobile phone.

IMAGE SOURCE: GETTY IMAGES.

As it stands, the Samsung Blockchain Wallet is a secure crypto wallet that enables users to store digital tokens on their Samsung smartphone. Users of the wallet also get access to decentralized blockchain apps otherwise known as DAapps. With the new integration, customers will be able to buy and sell crypto, view their Gemini account balances, and transfer tokens into a cold storage, which is a secure way of storing cryptocurrencies offline. 

By integrating with Gemini, the tech stock aims to take some of the complexity out of buying and selling digital tokens. Doing so typically requires people to jump through several hoops, relegating cryptocurrency mainly to tech-savvy consumers. In order for crypto to be adopted by the masses, it has to be simple to access that asset class. 

The new integration will work on several Samsung smartphones including the Galaxy S20 Series, Galaxy Z Flip, Galaxy Note 10 Series, Galaxy Fold, and Galaxy S10 series. The companies noted in their press release that major wireless carrier Verizon isn't supporting the app.

Donna Fuscaldo has no position in any of the stocks mentioned. The Motley Fool recommends Verizon Communications. The Motley Fool has a disclosure policy.

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