Samsung, following its first application of the blockchain keystore to its smartphone “Galaxy S10” released in February, has invested in a new concept of a cryptocurrency wallet startup overseas this time. According to related industries on April 19th, Samsung Venture Investment, which specializes in investments from Samsung Electronics, recently participated in investments worth $4 million raised by Israeli startup ZenGo.
ZenGo is an encryption money wallet developer that can safely store users’ cryptocurrency by using its unique encryption portfolio instead of their personal keys. It recently developed a related application notice and plans to unveil a beta version for the iPhone next week. An Android version is also expected to be released soon. With ZenGo, secret information is generated separately and stored in various ways when the wallet is installed. One part goes to the smart phone and the other part goes to the server. Both parties are needed to sign the deal. If a key is lost or backed up, it can be identified using a 3D face scanner.
Samsung Electronics is targeting blockchain and cryptocurrency industries as one of its future food items. In June last year, Samsung Venture Investment carried out 9.5 billion won (about US$8.1 million) worth of investments with leading local VCs in the blockchain-specialized company Blocco. In February, the company partnered with HYPR, a US-based blockchain biometric encryption company, and carried out an investment worth $1 million. Samsung NEXT also invested $4 million in “KZen Networks,” the predecessor of ZenGo,” in October last year.
The Galaxy S10, which was launched this year, is receiving great attention from the industry as it is equipped with a blockchain keystore and blockchain Wallet. Samsung’s blockchain Wallet offers cryptocurrency account management services that manage Ederium and ERC20 tokens and cryptocurrency remittance services. When using services such as blockchain games or blockchain-based mobile payments, users of the Galaxy S10 can conveniently use the service after verifying their identity even if they do not have separate hardware.
“It is expected that Samsung Electronics will not only raise large amount of funds with cryptocurrency in the near future but will also lead innovation by data utilization walls in various businesses,” said a representative for the related industry.