Samsung Doubles Down On Bitcoin And Crypto—Gemini Exchange Integration Revealed
Samsung, the South Korean smartphone giant that has been experimenting with bitcoin for some time, is doubling down on cryptocurrency.
Samsung’s Blockchain Wallet will add support for users of U.S. bitcoin and crypto exchange Gemini in North America, it has been revealed.
MORE FROM FORBESNew York Hacker Charged In $100 Million Dollar Bitcoin CaseBy Billy Bambrough
Users of Samsung’s popular Note and Galaxy phone lines in North America will be able to link their … [+] Samsung Blockchain Wallet to their Gemini bitcoin and cryptocurrency exchange account.
Users of Samsung’s crypto-wallet, which allows self custody of bitcoin and crypto directly on new Samsung Galaxy models, will be able to buy and sell bitcoin and a small selection of other cryptocurrencies via the Gemini exchange.
They will also be able to view Gemini account balances and transfer their bitcoin and crypto into a higher security cold storage account.
“Crypto is not just a technology, it is a movement,” said Gemini chief executive Tyler Winklevoss, who, along with his twin brother, has campaigned for Wall Street adoption of bitcoin and crypto.
“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.”
Samsung has become an early leader in smartphone bitcoin and cryptocurrency support after introducing the Blockchain Keystore last year—a move that could boost ailing bitcoin and crypto adoption.
Many in the bitcoin and cryptocurrency community see stalled user adoption as one of the biggest hurdles the nascent technology is currently facing.
Clunkey exchanges and clumsy customer support are common complaints made against bitcoin and crypto services, with many potential users lacking the required technology confidence to buy and store cryptocurrencies themselves.
MORE FROM FORBESCoinbase Investor And Reddit Cofounder Sees A New Bitcoin And Crypto ‘Spring’By Billy Bambrough
The bitcoin price has climbed over the last year but remains highly volatile and has failed to … [+] return to its all-time highs of around $20,000 per bitcoin set in late 2017.
“For millions of Samsung users across the U.S. and Canada, being able to store crypto directly on their phones lowers another barrier to entry,” said Jeanine Hightower-Sellitto, managing director of operations at Gemini.
The partnership comes as bitcoin and cryptocurrency exchanges around the world see user registrations and trading volumes soar amid the coronavirus pandemic.
“Customer demand for regulated crypto products has remained strong across the investing spectrum, from retail to institutional investors, throughout the pandemic and we expect that demand to continue to grow,” Hightower-Sellitto added.
Author: Billy Bambrough
India Cryptocurrency Ban Lifted: Ready for Adoption
Cryptocurrency has gone through several phases of acceptance and censorship in India. Some of the earliest activity in India began in 2013 with the start up of several cryptocurrency exchanges. Like many authorities at this time, little regard was given to companies that associated themselves with cryptocurrency. The “wait and see” approach would later be recognized as a mistake for Indian authorities.
The formal ban on cryptocurrencies was instantiated in April of 2018 amidst mounting government pressures and collapsing crypto markets. Several governments reacted with regulations after the 2017 cryptocurrency bubble. During this time, cryptocurrencies grew to a market cap of $800 billion and then collapsed over the course of a couple of months. Most cryptocurrencies fell to about 80% of their all time high. This sparked a conversation within governments about investor protection. Because the bubble was part speculation, and part investor fraud run amuck, it was reasonable to see such a response from the regulators.
Countries are making their way through understanding the cryptocurrency markets and ecosystem. As their understanding improves, regulations become looser, and more reasonable for market conditions. Instead of blanket bans, teams of individuals are dedicated to pick out the bad actors, and leave the companies that are complying to the rules.
India has the second largest population in the world, trailing behind China by only 100 million people. India is also home to one of the largest unbanked populations in the world. A long touted use case of cryptocurrency is providing unbiased financial services to those who don’t have any. Amid the global financial crisis, a financial literacy trend is brewing, and people are becoming more aware of the functions of money. Bitcoin is attracting a lot of attention due to it outperforming most assets on the stock market since the crash in March 2020.
CoinDCX is one of the largest cryptocurrency exchanges in India. The exchange has been operational since 2018, even amidst the bans on cryptocurrency bank accounts. The exchange managed to remain operational because it operated strictly as a crypto to crypto exchange. Now, after the ban has been lifted, it appears venture capitalists are ready to invest in the platform. CoinDCX just raised $2.5 million dollars from investors. The lifting of the ban is seen as a green light for expansion for CoinDCX. The exchange is expected to grow rapidly as it will now be able to offer easier Rupee to cryptocurrency payment channels.
Author: Learn More
Binance Coin News | Binance Coin | BNB Coin News | DC Forecasts
From a dark-web focused unregulated and completely anonymous marketplace, cryptocurrency exchanges have come a long way since the infamous Mt. Gox and evolved into regulated financial services providers…
Japan’s Financial Services Agency (FSA) approved of Huobi Global’s native exchange token Huobi Token (HT). This is the first exchange token to receive approval in Japan, which is…
The company better known for the homonymous and largest cryptocurrency exchange market out there has been on a secret revamp spree, acquiring a series of crypto-related startups that…
The popular cryptocurrency exchange, Liquid, announced on January 10th that they will be refunding all investors that bought Gram tokens from them as Telegram failed to launch their…
According to the Japan Times, the Financial Services Agency (FSA) is looking for a way to convince traders to deposit larger amounts of money when leveraging cryptocurrencies. The…
Just this week San Francisco-based cryptocurrency exchange, Coinbase made Orchid (OXT) available on its platform. In tandem with this listing, Coinbase also made Orchid available as part of…
What is Binance.US? According to a recent blog post by Binance.US, they describe their platform as “a reliable and inclusive marketplace for everyday American users, bringing the freedom…
Author: Ross Peili