Samsung Group To Develop Its Own Ethereum-Based Blockchain

Samsung Group, the Electronics Giant is considering developing its own Ethereum-based blockchain along with its own token. The new token will also be launched on the Etehreum blockchain according to the rumors that reached our altcoin news and will later be converted into its own blockchain. The new blockchain will likely be a fork of Ethereum.

According to CoinDesk Korea, the Samsung Group tech giant planned to launch its own blockchain earlier, also based on the ethereum-blockchain. The new token was known to the public as the ‘’Samsung Coin’’ and aims to be used for the public-private blockchain of the company. According to reports:

“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.”

The Samsung Group itself was not really into providing much information on the subject. However, the announcements did point out the plan of the company to venture into the crypto world. Samsung already showed a lot of interest in the blockchain technology and cryptocurrencies after they decided their Samsung Galaxy S10 phone to have in-built support for cryptocurrencies including Ethereum (ETH).

Also, Samsung Group is known to be a strong supporter of the crypto industry after it invested in the hardware wallet producer Ledger. The investment that Ledger has secured from Samsung was 2.6 million Euros ($2.9 million) – something that follows the appointment of Pascal Gauthier which is the firm’s former president as its new CEO. Right now, the former CEO Eric Larcheveque will be redirected to the Executive Chairman of the Ledger’s Board position.

As previously reported in our latest cryptocurrency news, the Korean tech giant is secretly exploring the ETH-based ERC20 token in order to develop its own mainnet and the company even introduced the ERC20 wallet that is now featured on the new Galaxy S10 smartphone.

On top of this, industry sources told the publication that Samsung Pay, which is a popular and used digital payments application system by the Samsung Group itself, with more than 10 million active users, is also behind the Galaxy S10 and its cryptocurrency wallet.