Samsung Unveils Crypto Wallet and Storage on New S22 Smartphone

South Korean electronics giant Samsung has unveiled its latest flagship smartphone which is loaded with crypto features and functionality.

The tech giant announced the Samsung Wallet at its “Unpacked 2022” virtual event which also saw the unveiling of its new Galaxy S22 Ultra smartphone.

The wallet was touted to be able to “access and explore complex digital products” such as cryptocurrencies. It can also securely store personal identification such as student IDs, driver’s licenses, and state IDs, plus digital house or car keys, credit and debit cards, boarding passes, and vaccination records according to reports.

The secure payment wallet will work with the firm’s own payments platform, Samsung Pay. The security is provided by Samsung’s Knox Vault platform which encrypts sensitive information and blockchain keys and isolates it from the phone’s main operating system.

Samsung upping the competition with Apple

The new wallet is in direct competition with Apple Wallet which also stores sensitive personal data securely. However, Samsung is one step ahead by enabling crypto asset storage and payments whereas Apple does not.

However, there was very little information on the crypto functionality, supported tokens, and asset storage system in Samsung’s Feb 10 announcement.

On Feb 8, Apple announced improvements to its own Apple Pay system with plans to introduce “Tap to Pay” on the iPhone.

The feature will offer contactless payment functions to merchants across the United States, but there is no support for cryptocurrencies as the tech giant remains skeptical of them.

Into the Metaverse

Samsung unveiled its new Galaxy devices at a virtual Samsung 837X space in the Decentraland Metaverse. More than 100,000 users attended the virtual event where they could also pre-order the new premium smartphones.

The company made its debut in the Metaverse opening its flagship 837 store in partnership with Decentraland in early January. At the time, the firm said “this is one of the largest brand land takeovers in the history of Decentraland.”

Samsung has also made moves into the non-fungible token (NFT) scene. In early January, BeInCrypto reported that the firm’s 2022 TV lineup will natively support NFTs allowing customers to purchase crypto art directly through a platform on its smart TVs.

In August, it was reported that South Korea’s central bank digital currency pilot will be integrated into Samsung’s flagship smartphones.