Crypto Latest Update: Samsung Wants UK Trademark For its Crypto Wallet

According to reports Samsung is apparently looking to receive a trademark in the United Kingdom to activate its crypto wallet, as of December 27. The South Korean electronics giant made a move by filing with the Intellectual Property Office of the United Kingdom. The reason behind Samsung’s decision is based on a move by the electronics manufacturer to allow its users to transfer digital assets backed by the Blockchain technology via a third party app.

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Computer Software for Cryptocurrency Wallet

As per the report, based on the filling with the Intellectual Property Office of the United Kingdom, in the “Classes and terms” part of the application, the South Korean electronics giant cites such development as “Computer software to use as a crypto wallet, the Computer software for digital currency transfer as well as payment with Blockchain technology, Computer app software for its smartphones, including software to allow its users to transfer digital currencies based on the Blockchain technology and pay through 3rd party app software.

Rumors of Crypto Cold Wallet Inclusion Refuted

The application filed to the Intellectual Property Office of the United Kingdom comes after rumors (which have been subsequently refuted by Samsung) that the South Korean company has initiated plans to include a digital currency cold wallet on the new Galaxy S10 smartphone. On December 10 this year, Samsung filed three separate European Union trademark applications for crypto asset and blockchain related software. Even though the mobile device manufacturer has denied rumors of a cold wallet integration to its Galaxy S10, the company’s moves in Blockchain-based projects is saying something contrary.

Apart from Samsung other top mobile manufacturers have been busy integrating the Blockchain technology into their new phones.

Blockchain Integration on the Increase

We can recall from an earlier report this December by Cointelegraph that global smartphone manufacturer HTC has integrated the decentralized browser Brave, on its HTC Exodus 1 smartphone. This will be “the first indigenous blockchain mobile device” with support for a number of Blockchains, including that of Bitcoin (BTC) and Ethereum (ETH) to name a few. What’s more to know?

Last month, it was also reported that SIRIN Labs a Blockchain-focused electronics supplier, launched its very first Blockchain-powered smartphone known as FINNEY. The new technology is based on both the Android market and SIRIN’s own open-source operating system, known as SIRIN OS. The new FINNEY phone also offers users a cold-storage cryptocurrency wallet and provides the option of encrypted communication.

Back in October, Samsung Foundry, the South Korean electronics giant’s production wing, launched a fresh production process of the new 7-nanometer (nm) Low Power Plus (7LPP) process node.

The new setup had the capability to reduce its energy consumption by about 50 percent at least.

The chip can allegedly have positive implications for Bitcoin (BTC) and digital token miners who depend on Samsung’s hardware because energy costs have proven to be a highly critical factor in the mining industry’s profitability.

Hence, the importance of this option for miners.

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