Samsung’s New Phone has Digital Wallet Feature to Support Crypto Storage

Samsung‘s interest in the crypto space is growing, and nothing says that better than its new smartphone with a crypto wallet. 

Samsung’s New Phone Supports Crypto

The electronics giant has announced that its latest flagship phone, the Galaxy S22 Ultra, would be able to store ID documentation and keys in digital format. The company stated that the feature would be released later in the year.

With the new digital ID feature, users of the phone will store documentation such as national IDs, driver’s licenses, digital debits and credit cards, digital keys for houses and cars, etc. 

Sources have also claimed that it’ll be possible to store boarding passes, coronavirus vaccination cards, and crypto in the wallet too.

According to Samsung, the wallet would be “a seamless, convenient and secure experience to make everyday life easier.” 

It claims that the wallet combines digital payments, asset management, keys, and ID into one tool that’ll simplify users’ routines. The electronics giant plans to first roll out the feature in South Korea before expanding to other countries.

Unveils Phone in the Metaverse

Samsung isn’t the only South Korean company working on blockchain-powered wallets. Several companies in the country are developing similar tools that allow users to store several digital documents in one space. 

The acceptance of this form of documents by businesses in the country is also growing. Thereby encouraging the development of what’s generally known as Distributed Identity Identification (DID) technology. 

In 2019, the Ministry of Science and ICT and the South Korean police force unveiled blockchain-powered driving permits. Recently, Woori Bank, one of the biggest banks in the country, announced that it’d start accepting blockchain-powered driving permits.

While there are speculations that the wallet will store crypto and even NFT tokens, Samsung didn’t explicitly mention this in its release. 

The company, in its release, only stated that its security platform “completely isolates sensitive data like your passwords, biometrics or blockchain keys from the phone’s main operating system.”

However, its decision to first showcase the phone on the metaverse using Decentraland shows its increasing crypto ambitions. Beyond these developments, Samsung also gained exposure to Cardano earlier this year through its partnership with the blockchain network.