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Users of Samsung Galaxy smartphones can now connect their devices to hardware wallets including the Ledger Nano S and Ledger Nano X.
Samsung Electronics, on Wednesday, announced that Samsung Galaxy smartphone users can now access and manage their crypto assets from third-party wallets on their devices. This is made possible by an update that allows users of the Samsung Blockchain Wallet, which is available on most Samsung Galaxy devices, to connect cold hardware wallets including Ledger products. Users can then manage and trade all their crypto from one location.
Samsung Blockchain Wallet and Its Connectivity with Ledger Storages
The Samsung Blockchain Wallet was launched in 2019 with the Samsung Galaxy S10 and has since gone on to support a lot of commonly used cryptocurrencies including Bitcoin, Ethereum, ERC tokens, Tron (TRX), and TRC tokens.
Hardware wallets supported by Samsung include the Ledger Nano S and Ledger Nano X. The wallet provides Galaxy users with recommendations for the latest Decentralised Apps (DApps) across a wide range of categories including gaming, social media, finance and security.
The Wallet will also keep users up-to-date on all things blockchain and crypto with a newsfeed dedicated to the niche with articles from top blockchain news outlet CoinDesk.
To ensure security, Samsung devices use the Samsung Knox Security platform. Users’ Private Keys are encrypted and stored away from the main OS in the Samsung Blockchain Keystore.
Further protection is granted by a secure processor. Information in the Keystore can be accessed only through the user’s PIN or fingerprint.
Woong Ah Yoon, Samsung’s VP and Head of Blockchain, said in an interview:
“By providing support for hardware wallets we are providing our customers with not just enhanced convenience, but also an entirely new level of security. We will begin with providing support for Ledger products including Nano S and Nano X. Then we plan to expand our support to more cold-storage wallets.”
Because of its connection to a network, it could be argued the Samsung Blockchain Wallet does not offer the same level of security as a cold-storage device. Yoon argues that “some of the logic of cold storage applies” to the key store system as it uses an independent memory area.
“The Samsung Blockchain Wallet is not 100% cold storage but it’s not a hot wallet either,” Yoon said. “It’s not susceptible to all the external attacks that could accompany an online connection. So it kind of sits in the middle of a cold wallet and a hot wallet; a warm wallet, you could say.”
Samsung Blockchain Wallet users can access data on the virtual assets in their hardware wallet without having to connect the two devices.
Yoon also revealed that the Galaxy blockchain has doubled its number of active monthly users in the past seven months and was holding hundreds of millions of dollars’ worth of assets.