Samsung is developing its own Samsung Coin cryptocurrency

Samsung has started building the framework for its own blockchain mainnet, according to CoinDesk Korea. It’s believed that the blockchain will be locked down when it first launches, but could be opened to the public soon thereafter, which would allow the Ethereum-based Samsung Coin token it’s also said to be developing to be traded on exchanges, alongside Bitcoin and Ethereum.

CoinDesk Korea noted, citing an anonymous source familiar with Samsung’s internal situation, that the firm has had a dedicated task force researching and developing its blockchain network for the better part of a year. That same source also added that it’s working on a number of related services; though there’s no word on what they are, what they’re called or what function they serve.

Samsung already has a mobile wallet for Samsung Coin

It’s starting to look like Samsung developed its Blockhain KeyStore cryptocurrency wallet to pave the way for the introduction of Samsung Coin — corroborated by the fact it isn’t compatible with Bitcoin, the most used token in the world. Why’s that, you ask? Because the client can only be used with Ethereum and Ethereum-derived tokens, which is what Samsung Coin is said to be based on.

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