Samsung Coin? Technology giant secretly tests the ERC20 token

According to CoindeskKorea, a crypto publication operated by mainstream media outlet Hankyoreh, Samsung Electronics is reportedly developing an Ethereum-based ERC20 token and is currently in the process of creating a mainnet. A source of the publication within Samsung Electronics said that the blockchain task force of the company has already tested several versions of a blockchain protocol on top of Ethereum.

“Blockchain task force made several models and are evaluating [them]. There are already several platforms that are functioning after some internal tests,” the source told CoindeskKorea. The report comes two months after Samsung Electronics introduced the Samsung Blockchain Wallet, essentially an ERC20 wallet featured on its flagship Galaxy S10.

When Samsung first released its crypto wallet in February, some investors were taken aback by the fact that the device currently does not support a bitcoin wallet service and is primarily focused on Ethereum. “Galaxy S10 is built with defense-grade Samsung Knox, as well as a secure storage backed by hardware, which houses your private keys for blockchain-enabled mobile services,” the company said.

Some also pondered the motive behind Samsung’s rush towards integrating a crypto wallet as even smaller smartphone makers with the exception of HTC had not integrated a fully functioning crypto wallet feature. If Samsung has been developing an ERC20 token and a blockchain protocol around it as suggested by local reports, then it is sensible for the company to integrate a cryptocurrency wallet to provide an easy-to-use platform for users.