Samsung, the South Korean smartphone giant that has been experimenting with bitcoin for some time, is doubling down on cryptocurrency.
Samsung’s Blockchain Wallet will add support for users of U.S. bitcoin and crypto exchange Gemini in North America, it has been revealed.
Users of Samsung’s crypto wallet, which allows self custody of bitcoin and crypto directly on newer Samsung Galaxy models, will be able to buy and sell bitcoin and a small selection of other cryptocurrencies via the Gemini exchange.
They will also be able to view Gemini account balances and transfer their bitcoin and crypto into a higher security cold storage account.
“Crypto is not just a technology, it is a movement,” said Gemini chief executive Tyler Winklevoss, who, along with his twin brother, has campaigned for Wall Street adoption of bitcoin and crypto.
“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.”
Samsung has become an early leader in smartphone bitcoin and cryptocurrency support after introducing the Blockchain Keystore last year—a move that could boost ailing bitcoin and crypto adoption.
Many in the bitcoin and cryptocurrency community see stalled user adoption as one of the biggest hurdles the nascent technology is currently facing.
Clunkey exchanges and clumsy customer support are common complaints made against bitcoin and crypto services, with many potential users lacking the required technology confidence to buy and store cryptocurrencies themselves.
“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,” said Jeanine Hightower-Sellitto, managing director of operations at Gemini.
The partnership comes as bitcoin and cryptocurrency exchanges around the world see user registrations and trading volumes soar amid the coronavirus pandemic.
“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,” Hightower-Sellitto added.