Samsung Makes Crypto Payments from Mobile Devices Safer with New Chip

Samsung, an electronics company based in South Korea, has maintained that it is in full support to the development of crypto technology.

Samsung announced on May 26 that it has come up with a security solution for crypto transactions on their mobile devices which include smartphones and tablets.

This has come in the form of a Secure Element chip (SE chip) S3FV9RR and improved software. The new design is aimed at making crypto payments from phone safe and securing the booting process and isolated storage.

The SE chip can be trusted because it has the Common Criteria (CC) EAL 6+ security standard. This security standard is only required for activities that require stringent security measures. It operates well on any mobile device and does not need the device’s main processor to work.

The major reason why this has come to stay is to make cryptocurrency transactions safe from mobile devices. The chip is expected to be available for use between July and September 2020. Dongho Shin, the deputy head of System LSI, an agency that sells Samsung products said:

“In this era of mobility and contact-less interactions, we expect our connected devices, such as smartphones or tablets, to be highly secure so as to protect personal data and enable fintech activities such as mobile banking, stock trading and cryptocurrency transactions.”

Other giant strides made by Samsung for cryptocurrency

Everyone knows that Samsung is a lover of cryptocurrencies and blockchain. Its investments in DLT startups are so many and it has also incorporated such in their products.

In the first few days of May, Samsung Pay and Swipe collaborated to create a platform where Samsung device owners can make online payments with their cryptocurrencies.

The Galaxy S20 released by Samsung in February 2020 is a better version of the Galaxy S10 that was released last year. Both devices were designed with blockchain security features.

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