TL;DR Breakdown
• Samsung joins Ledger Nano to manage cryptocurrencies.
• Samsung guarantees security in crypto investments.
Samsung is joining the cryptocurrency industry for substantial profits. The organization believes in developing the decentralized market and therefore tries to boost it with cold storage wallets. These external wallets enter the Samsung blockchain with an aim to promote the safety of its investors.
The Galaxy line enables Ledger Nano X and Ledger Nano S hardware wallet to operate on its Blockchain. Since 2019 Samsung Blockchain KeyStore supports four types of cryptocurrencies: Bitcoin, Klaytn, Tron, and Ethereum.
Samsung innovates with cryptocurrencies
The company used its press website to announce its recent updates. Samsung notes that the hardware wallet support guarantees Galaxy Blockchain a stable and unforgettable experience. Users will manage their cryptocurrencies under a security provider in a remote location to prevent wallet hacking.
Starting with Galaxy 10, the organization has let users explore decentralized apps that use Blockchain technology. These Dapps are suitable for exchanging famous cryptocurrencies like Bitcoin, Ethereum, or Dogecoin.
Samsung ensures security for its users
With the latest news, users wonder about its level of security due to the increase in cyberattacks. These crypto theft issues that have put DeFi on alert have discredited the decentralized crypto market. Although cyberattacks are almost impossible to prevent, Samsung is proposing a new measure to protect its Blockchain.
In this sense, for the administration of decentralized currencies, the device’s security is a priority. The telecommunication company ensures that the private passwords and Dapps it uses have a complex encryption system. In addition, the organization remembers that its Dapps work in isolation to increase that security range.
The company guarantees that an incredible processor will protect all the information placed in the wallet. The hardware for a PIN, or in the absence of that, the fingerprint. The company innovates towards new technologies, although Ledger Nano Wallets have been around for many years.
This proposal is excellent because it uses one of the most demanding crypto wallets on the market. Ledger Nano then uses the mobile phone as a mode to purchase and obtain the specific ‘key’.
The company has pointed out that exchanges on Blockchain are safe if they use its Knox platform. This interface offers a high defense against hacking which is convenient for storing digital currencies.
With this new measure, the company will likely increase the value of the cryptocurrencies topping the markets. The exchange of cryptocurrencies will now be more accessible, safer, and have full support from the telecommunication company. Samsung promises to renew its platform with new cryptocurrencies as the months go by.
