Samsung has become the latest corporate giant to consider issuing its own cryptocurrency, joining companies such as Facebook and JPMorgan Chase that are already generating similar buzz, with analysts speculating about the various use cases for these bespoke crypto tokens.
Though not yet officially confirmed, a “Samsung Coin” could find application as a means of payment on the company’s app store or be traded publicly on crypto exchanges. As reported by Cointelegraph, Samsung has already revealed that its flagship Galaxy S10 smartphone will have a built-in cryptocurrency wallet.
Last month, an inside source revealed that Samsung’s blockchain division was developing an Ethereum-based mainnet, which carries out the functionality of transferring digital currency from senders to recipients. The project would also create a virtual asset known as “Samsung Coin.”
Mortiz von Widekind, Samsung SDS Europe’s business development and fintech chief, noted that the proposed token could launch on its NextLedger enterprise blockchain platform, which continues to receive considerable interest from companies around the world.
In February 2019, Wall Street giant JPMorgan Chase announced its own cryptocurrency, becoming the first U.S. bank to adopt virtual tokens in business operations. The bank said JPG Coin will run on Quorom, an Ethereum-powered private blockchain.
Although some commentators suggested that the stablecoin could challenge cryptocurrencies like Bitcoin in the payment space, with JPM Coin to be restricted to its large corporate clients, critics argue that such a project is more comparable to the private intranet of the 1990s that ultimately proved far less popular and successful than the public internet.
Samsung could very well be taking heed of this argument and considering a more hybridized enterprise blockchain platform over a purely permissioned one.
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