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Samsung Preps Crypto Integration in Samsung Pay Wallet to Millions Globally

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By CCN: According to Business Korea, a mainstream media outlet in South Korea, Samsung Electronics is preparing the integration of crypto assets into Samsung Pay.

Samsung Pay reportedly accounts for around 80 percent of the market share of the simple payment market and the integration of crypto assets is expected to increase the mainstream adoption of the asset class.

“Samsung Electronics appears to be moving to integrate cryptocurrencies to Samsung Pay, which accounts for 80 percent of the South Korean simple payment market. The company has recently transferred the blockchain task force (TF) of the mobile business division to the service business division,” the report from Business Korea read.

What impact would a samsung pay integration bring to crypto?

In November 2018, The Korea Herald reported that Samsung Pay recorded a 58 percent increase in its user base year-over-year.

WiseApp, an industry tracker, found that Samsung Pay was the most widely utilized financial application in late 2018 with 10.4 million users. In 2017, the platform had about 6.6 million users.

10 million users represent about 20 percent of the entire population of South Korea and the platform also has many users overseas that utilize the application for its technology called magnetic secure transmission (MST), which enables users to transact at conventional point of sale (PoS) terminals by merely hovering over them.

Samsung pay > apple pay & android pay

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The acquisition of LoopPay at a valuation of $250 million allowed Samsung Pay to equip the newly developed technology and obtain an edge over Android Pay and Apple Pay.

The next strategy of Samsung Pay to secure a niche market to expand its existing user base seems to be the integration of crypto assets based on local reports.

Samsung already integrated a crypto asset wallet called Samsung Blockchain Wallet in February into its flagship Galaxy S10 device, allowing users to hold, send, and receive cryptocurrencies securely from the device’s built-in wallet.

Samsung Pay’s MST tech makes it usable in every card reader in the world. | Source: REUTERS/Matt Siegel/File Photo

In March, Donga, another mainstream media outlet in South Korea, reported that Samsung Pay is likely to integrate crypto next following the lead of Samsung Electronics.

The monthly report of Donga translated by CCN read:

Samsung Pay has recently extended the transaction period for overseas users and integrated an international payment processing service, aggressively targeting the global financial services market.

At this phase of development, if a cryptocurrency wallet is added to Samsung Pay, the application will be strengthened as a complete fintech platform. Currently, the Samsung Blockchain Wallet is said to be supporting Ethereum but more cryptocurrencies are expected to be integrated in the near-term.

Under the leadership of Kim Yong-jae, the vice president of the service business division, Samsung’s blockchain task force has led various initiatives including the recent introduction of the Samsung Blockchain Wallet to increase the accessibility of cryptocurrencies.

With reports suggesting that Samsung is already exploring the possibility of launching a blockchain network with its own token on the Ethereum blockchain protocol, the electronics giant is expected to continue moving forward with its plans to target the rapidly growing sector.

A source told CoindeskKorea, a crypto publication operated by mainstream media outlet Hankyoreh, reported last month:

Blockchain task force made several models and are evaluating [them]. There are already several platforms that are functioning after some internal tests.

Mainstream adoption

Reports surrounding the potential integration of crypto assets by Samsung Pay follows the integration of cryptocurrencies as a payment method by large corporations such as AT&T, which would make cryptocurrencies easier to spend for casual users.

For years, merchant adoption has been a key area of crypto that has lacked adoption and progress. The proactive approach of firms like AT&T and Samsung is expected to raise the growth rate of merchant adoption in the long-term.

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NYSE files a trademark application for trading NFTs

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The world’s largest stock exchange may be planning to bring business into the Metaverse.

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Traders say $4,000 Ethereum back on the cards ‘if’ this bullish chart pattern plays out

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Global tensions that could trigger a correction in markets abound, but traders say ETH’s current setup could result in a swift return to the $4,000 level.

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CryptoPunks community reacts to the ongoing copyright battle between V1 and V2

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Although the collection is no longer deemed authentic by Larva Labs, its creators alleged sold 210 ETH worth of CryptoPunks V1 when the wrapped versions first gained traction.

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Binance.US is under investigation from SEC over trading affiliates: Report

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Binance CEO Changpeng Zhao allegedly has connections to two market makers buying and selling crypto on Binance.US.

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Boost Insurance unveils product covering against crypto theft from qualified custodians

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Boost Insurance, an insurance infrastructure-as-a-service platform, alongside go-to-market partner, Breach Insurance, a company that provides insurance technology and regulated insurance products for the cryptocurrency market, today announced the launch of Crypto Shield, an insurance product for cryptocurrency available to retail wallet holders.

Crypto Shield covers the theft of cryptocurrency while in the custody of a qualified custodian.

The Crypto Shield product allows individuals to purchase protection for their crypto wallets held by select custodians. In the case that the custodian is breached or suffers a social engineering attack resulting in lost assets, individuals insured under Crypto Shield can be reimbursed for the value of their policy.

Boost + Breach

While there is some commercial insurance available to cryptocurrency institutions, Breach envisioned Crypto Shield as a solution to the protection gap that currently exists for individuals holding crypto, securing a partnership with Boost to assist in bringing the Crypto Shield product to life.

Boost’s insurance infrastructure-as-a-service packages the necessary operational, technological, compliance, and capital requirements for new insurance programs into a white-label solution, enabling insurtechs like Breach to swiftly launch new lines of business.

“Boost’s deep expertise and insurance infrastructure-as-a-service platform, and Relm’s industry-leading crypto reinsurance capabilities, have positioned Breach to bring a highly complex insurance product to the market in a beautifully delivered customer experience.”
– Eyhab Aejaz, Co-Founder & CEO at Breach

To deliver that product in a seamless experience, Boost and Breach’s platforms connect via API, allowing Boost’s policy administration system to deliver back-end management for the Crypto Shield product. Breach’s customers are then able to purchase and manage every part of their policy and claims process, all from within Breach’s proprietary crypto insurance platform.

“With Boost’s infrastructure-as-a-service platform, companies like Breach can launch and deliver innovative new insurance offerings, at a fraction of the time and cost required to build a full-stack insurance program from scratch.”
– Alex Maffeo, CEO & Founder of Boost

In addition to powering the new product, Boost and Breach partnered to source and secure the necessary reinsurance backing from industry expert Relm Insurance Ltd. (Relm), underwritten by Trisura Specialty Insurance Company. Operating out of Bermuda, Relm is a capacity provider to the crypto sector with a track record of insuring companies across the ecosystem. Relm has recently been awarded an ‘A Exceptional’ Financial Stability Rating (FSR) by Demotech.

“Relm’s partnership with Boost and Breach to reinsure the US’s first cryptocurrency insurance product for retail wallet holders is a milestone in supporting the development of crypto and blockchain technologies.”
– Joe Ziolkowski, CEO at Relm

The post Boost Insurance unveils product covering against crypto theft from qualified custodians appeared first on CryptoNinjas.

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