FinTech News

Gemini Crypto Exchange Support Added to Samsung Blockchain Wallet

Over the past few months, electronics giant Samsung has quietly become a significant cryptocurrency supporter. This most notably includes the launch of the Samsung Blockchain Wallet, which is available on newer model Samsung Galaxy devices. This week the company took that product to the next level, announcing that the Samsung Blockchain Wallet would offer integration with the Gemini crypto exchange app.

Prior to this announcement, Samsung Blockchain Wallet allowed users to store their crypto as well as send it to or receive it from friends. However, with the Gemini integration, they’ll actually be able to buy and sell cryptocurrencies. Additionally, users will be able to view their Gemini account balances and, for extra security, transfer their holdings into Gemini Custody cold storage if they wish.

In a press release about the new integration, Gemini CEO Tyler Winklevoss (of the famed Winklevoss Twins) stated, “Crypto is not just a technology, it is a movement. We are proud to be working with Samsung to bring crypto’s promise of greater choice, independence, and opportunity to more individuals around the world.” Winklevoss added, “Now, Samsung Blockchain Wallet customers can buy crypto in a simple, elegant and secure way on Gemini.”

Incidentally, this news comes right on the heels of another big Samsung FinTech partnership. Last week the company officially announced the impending debut of Samsung Money by SoFi. The debit card offering will provide users high-yield interest and free Allpoint ATM access along with the opportunity to redeem Samsung Rewards for cash deposited right into their account. Samsung Money by SoFi is currently set to roll out this summer.

As for the state of the crypto market, it’s been as up and down as ever. Despite Bitcoin managing to say about $9,000 USD for weeks, bulls were certainly discouraged when the price dropped more than $800 in a matter of minutes after breaking past $10,000 for a time this week. Given Bitcoin’s market share, that dip put the entire market under for the day.

Between their recent partnerships with Gemini and SoFi, Samsung is further cementing themselves as proponents of both cryptocurrencies and FinTech at large. The question now is, will this boost the adoption of crypto? Considering Samsung’s large footprint in the cell phone market, it would certainly seem possible. On that note, this also seems like a big win for Gemini as they compete with larger exchanges. All in all, while the Samsung Blockchain Wallet may have gone slightly under the radar so far, that could very well change right now.