Samsung is making another significant crypto push, as the company has added a new crypto project to its blockchain suite. Earlier this week, crypto token developers Decentraland announced that Samsung had added its token to the Samsung Blockchain Keystore.
The company’s announcement claimed that the South Korean tech giant had added it in a move to expand its adoption of blockchain and Non-Fungible Tokens (NFTs). The Decentraland Marketplace is already a part of Samsung’s blockchain wallet, and it will now be available on Samsung smartphones too.
Thanks to this integration, Samsung users will be able to trade LAND tokens, while also purchasing NFTs seamlessly. The move is a significant adoption push for Decentraland, which just launched back in February. The blockchain virtual reality platform provides a new world where users can collaborate and participate in governing it through a decentralized system. The Ethereum blockchain powers it, and it allows users to use NFTs and collectibles to build a virtual world. While Decentraland doesn’t appear to have gotten much adoption, entry into Samsung’s ecosystem should help them.
Samsung Grows Its Blockchain Roots
The move also benefits Samsung, with the South Korean company doing its best to establish a presence in the blockchain and crypto sector. While Samsung is yet to launch a token, it has made significant moves to attract players in the space.
One of Samsung’s most successful forays into the blockchain sector has been through the Keystore. The company already added support for notable cryptocurrencies like Bitcoin, and in October 2019, it added support for TRON.
This month, Samsung made a huge splash after it integrated the Stellar blockchain into its Blockchain Keystore. Per an announcement from the Stellar Development Foundation (SDF), Stellar ecosystem developers will be able to build blockchain-based apps and services that will be compatible with Samsung Galaxy smartphones.
On the partnership with Samsung, Denelle Dixon, the executive director and CEO of the SDF, said:
“Stellar’s integration into the Samsung Blockchain Keystore is a significant step for our network and the incredible ecosystem of applications built on this platform. Samsung provides a key management solution that is user-friendly and drives greater adoption of blockchain technology.”
Dixon added that the integration allows more users to enjoy the benefits of both companies’ combined innovative powers. Samsung’s blockchain adoption efforts have also led to the company providing financial backing for some promising ventures. As with the Keystore and blockchain wallet, the company has found some success on that front too.
Last month, Blockto, a blockchain services provider backed by Samsung, partnered with the Islamic Research and Training Institute (IRTI), the research arm of Saudi Arabia’s Islamic Development Bank Group, to build a blockchain-based smart credit management system.
In a press release, Dr. Sami Al Suwailem, the IRTI’s Director-General, explained that the Islamic finance industry still has several technical and economic challenges to conquer before flourishing. Since Islamic banks don’t charge interest on loans or penalize defaulters, most borrowers don’t have the incentive to pay loans on time.
Banks themselves have issues with effective loan distributions. The credit management system will put an incentive mechanism in place to encourage quick repayments, while automatically contributing any late repayment fees to insurance pools that will cover defaults.