Samsung Applies for UK Trademark For Cryptocurrency Wallet

Ruti VoraDecember 29, 2018Last Updated: March 25, 2020

Tags

Electronic giant Samsung has turned many heads as it is seeking a trademark that suggests it may be developing a cryptocurrency wallet into its smartphones. However, this is not the first time when a major electronics firm is going to explore blockchain space. The firm has filed an application for the trademark at the U.K. Intellectual Property Office.

In the application, Samsung elaborates about the development, noting it as a “Computer software for use as a cryptocurrency wallet; Computer software for cryptocurrency transfer and payment using blockchain technology; Computer application software for smartphones, namely, software to allow users to transfer cryptocurrency based on blockchain technology and pay via 3rd party’s application software.”

It was speculated since long that Samsung might come up with a crypto product especially a cryptocurrency-equipped smartphone. The trademark filing by the firm has consolidated the assumption that Samsung has plans for the cryptocurrency. Notably, it has filed three European Union trademark applications for blockchain- and cryptocurrency- related software on Dec. 10.

Here, the name ‘Samsung Crypto Wallet’ hints that Samsung may provide a built-in wallet as its next feature to be added to its flagship phones, which retail for up to $750.

Reportedly, a known smartphone manufacturer HTC developed decentralized browser Brave on the HTC Exodus 1 phone, “the first native blockchain phone,” which provided support for multiple blockchains such as Bitcoin (BTC) and Ethereum (ETH) networks.

Also, in November blockchain-based electronics supplier SIRIN Labs introduced its first smartphone built on Blockchain called FINNEY. The newly launched phone offers a cold-storage crypto wallet along with encrypted communications. It has been derided in some quarters for its clunky design and mediocre features as compared to those of high-end phones.

Currently, when there is not much competition in Blockchain based smartphones, Samsung has a chance to become the most popular device of its kind.

Notably, Samsung is a South Korean multinational conglomerate headquartered in Seoul. The massive firm was established by Lee Byung-chul in 1938. The leading Electronic firm holds revenue amount of 17,400 crores USD.