South Korean smartphone provider Samsung is working with New York-based crypto exchange Gemini to provide support for all the trading platform’s users. Customers of Gemini will now be able to buy, sell and trade bitcoin and other digital currencies through the new Samsung wallet.
Samsung and Gemini: The Perfect Match
In addition, they will also be able to view their balances and transfer bitcoin and crypto stashes via their phones through Samsung’s new cold storage capabilities. Gemini chief executive Tyler Winklevoss explained in an interview:
Crypto is not just a technology. It is a movement. We are proud to be working with Samsung to bring crypto’s promise of greater choice, independence, and opportunity to more individuals around the world.
This alignment with Gemini falls in line with what appears to be Samsung’s ongoing attempt to bring crypto to the masses. The phone maker announced earlier this year in February that all future phones developed by the South Korean conglomerate would come equipped with crypto wallets, thereby giving all callers and texters the chance to trade digital assets.
One of the biggest issues that’s allegedly preventing bitcoin and its altcoin cousins from reaching mainstream territory is that despite the growth of the space, many companies do not allow crypto as a means of payment, nor have people entered trading due to the complications surrounding digital transactions. Often, crypto exchanges are clumsy and can take extended periods of time to push money through, and many traders simply don’t have the time or the patience to wait that long.
The implementation of digital wallets that users can access on their phones can remove a lot of the barricades one often sees with big trading platforms, though there is the issue of security and safety surrounding a user’s login data and privacy. Samsung’s new cold storage capabilities combined with its individual wallet offerings could potentially bring an end to some of these concerns.
Paving the Way for Future Trades
Jeanine Hightower-Sellitto – managing director of operations at Gemini – believes Samsung will be a revolutionary company in removing the obstacles that prevent everyday traders from getting involved in crypto. She explained:
For millions of Samsung users across the U.S. and Canada, being able to store crypto directly on their phones lowers another barrier to entry… Customer demand for regulated crypto products has remained strong across the investing spectrum, from retail to institutional investors, throughout the pandemic, and we expect that demand to continue to grow.
Jeanine’s words suggest a surging interest in the crypto space following the coronavirus pandemic and respective stay-at-home orders across the globe. Many exchanges, such as Coinbase, report seeing increased user activity and have even implied that American customers are using their newfound stimulus checks to add to their crypto stashes as a means of hedging their wealth against economic turmoil.