[2019-04-25] Samsung Ploughs $2.9 Mln into Crypto Hardware Wallet Giant Ledger

CryptoBry

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Quote from: o_e_l_e_o on April 25, 2019, 05:48:55 AM

I'm in two minds about this.

Samsung have already shown an interest in crypto with their latest smartphone (S10) having a built in crypto wallet, and this seems a like a logical next step to get more involved in the space, although $2.9 million isn't exactly a big commitment from a company as big as Samsung. Nonetheless, getting big companies like Samsung to bring bitcoin to the masses is the surest way to grow adoption.

However, I'm always a bit wary with big companies who love to collect your data trying to climb in to bed with any existing crypto companies. Samsung, just like Facebook, Google, Apple, etc., store huge amounts of your personal data and have a complete profile of you, which they publicly sell to advertisers, and privately probably sell to a bunch of unknowns too. Lets say Ledger and Samsung develop a shared app, wallet, or device? Do you want all your bitcoin addresses, transactions, and purchases to be linked to your real name and address, and sold to anyone who pays the right price?

We both have the same view on this development which can of course help the cause of the whole industry to a different level but at the same time I am a little bit sad that we are not witnessing a massive adoption coming from smaller players who are the ones who needed this technology more. Of course, since this is an open market we can never force any adoption but can only wish that at the same time there can be more and more unknown or lesser known entities going into blockchain and cryptocurrency related business that can be making waves in the market. Now, this trend is telling us that indeed there is a big and bright future for this whole industry waiting just ahead.

o_e_l_e_o

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Quote from: BitHodler on April 25, 2019, 06:39:19 PM

Open source sounds cool, but do you really think the average joes care about that? All they do is randomly install clients just because they look good.

Absolutely. If we were to survey the general public, I'm sure few would even know what open source means, even fewer would care about it, and fewer still would have the technical knowledge to be able to review the code themselves. There will be a small number of smart users who don't have the technical knowledge themselves, but either have an idea of who in the crypto-sphere is knowledgeable and trustworthy, or will spend some time researching, and therefore know which clients they can trust.

As you say, though, the vast majority will download any old client or app on to their device without doing any due diligence. If this wasn't the case, there wouldn't be fake and hacked clients popping up constantly. They keep appearing because people keep falling for them.

rodel caling

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I believe the samsumg always continue to get involve in crypto for promoting their new product

Quote from: Lucius on April 25, 2019, 07:49:04 AM

There is no doubt that Samsung has shown interest in cryptocurrencies in recent months with his new smartphone which is have crypto wallet, and with investments in companies as Ledger or ZenGo. If we add to this allegedly testing of Samsung Coin, it is obvious that this company thinks that it can profit in this sector.

However I agree that such big company entering in world of cryptocurrencies is not completely harmless, especially as regards the privacy of the users. But this is something that can not be completely avoided, and that is the price to pay for further adaptation whether we like it or not.

Last year Tim Draper has invested 75$ million in Ledger, and I have to admit I did not know that. Samsung is much bigger news even if they invest 25 times less money, but this just show how important is to have big name when it comes to business.

Because The samsung company know crypto as well, the company knows people understanding and continue to use and support crypto are have knowledge in new technology.

BitHodler

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Quote from: riritsurya1202 on April 25, 2019, 06:34:29 AM

If that does happens, then lots of users would switch to other wallets.

I'm actually not convinced of that. By the time people figure out their data has been sold to other parties, it's already too late. People are more likely to stick with Samsung in that case.

Facebook has done enough to justify a mega outflow of users, yet it hasn't even suffered in a serious manner. Most people don't seem to care about their private information enough to switch to other ecosystems.

Quote from: riritsurya1202 on April 25, 2019, 06:34:29 AM

Open source wallet is a must, especially if they got funds from some companies like Samsung.

Open source sounds cool, but do you really think the average joes care about that? All they do is randomly install clients just because they look good. Some times they install a legit client, and some times a scam client.

Do people here actually verify their clients before installing them? Verify signatures, browse through the code base looking for harmful lines of code, etc....

1Referee

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Quote from: vit05 on April 25, 2019, 02:43:22 PM

I do not think the focus of samsung is on personal date, although they always collect some and store. But their core business is to sell hardware. Every time they have tried to sell or provide services involving software they have failed.

I think that a $3 million investment is peanuts for Samsung in terms of using it as marketing stunt. They pay celebrities around the world way more than that to promote their latest flagship device in an ad on tv. Samsung is known to take risks in order to innovate, which is something that their closest competitor Apple hasn't done in years.

I am certain that with enough bullish momentum and a well timed launch of their devices it might actually take off. The good thing about Samsung's success is that it will attract other phone manufacturers to follow and create even better products. We benefit from all this. Crypto storage is key, so the more well funded entities are working on this, the better.

Harlot

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I see this move more for their country rather than a global one, even if they don't they will likely make South Korea their first country to try out the project on, since they did it before in the past I know this will be their next likely move for the venture. We all know South Korea is big on cryptocurrencies and I think Samsung is just trying to exploit the demand for it and I don't blame them to do so since they are on a perfect spot as a tech company in a crypto savvy country.

vit05

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I do not think the focus of samsung is on personal date, although they always collect some and store. But their core business is to sell hardware. Every time they have tried to sell or provide services involving software they have failed. So I look favorably on the investments they are making. I believe that good hardware can emerge, especially for wallets, and popularize the use of cryptocurrencies.

Kemarit

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Reports has already surfaces recently about their plans of having their own tokens, aptly called "Samsung Coin". And maybe this is the reason why S10 doesn't include Bitcoin but bunch of altcoins, and almost everyone wonders why they didn't and now it looks like they have plans after all to have their own tokens and will used it for their payment apps (I'm sure they are also developing it). And maybe this investment's with Ledger is just an assurance that they tokens will be supported by one of the best crypto hardware we have right now.

chaoscoinz

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Quote from: moriskarlov on April 25, 2019, 05:02:13 AM

South Korea’s biggest conglomerate and one of the world’s largest brands, has invested $2.9 million in crypto hardware wallet manufacturer and custodial service provider Ledger in a high-profile deal.

The multi-million dollar investment in Ledger by Samsung comes less than a week after Samsung Ventures led a $4 million round in ZenGo, a startup developing keyless crypto wallets.

The commitment of Samsung in the crypto sector is likely to act as a catalyst that recovers the confidence of investors in the long-term prospect of the market.

See more - https://www.ccn.com/samsung-ploughs-2-9-million-into-crypto-hardware-wallet-giant-ledger

This sounds like pretty great news to me. I guess Samsung is on board as an institutional investor now! Maybe this will inspire other companies with similar attributes to follow suit and get more active within the Bitcoin and other Blockchain communities. The Price of Bitcoin seems to be stabilizing this year, with those violent swings slowing down.

Lucius

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There is no doubt that Samsung has shown interest in cryptocurrencies in recent months with his new smartphone which is have crypto wallet, and with investments in companies as Ledger or ZenGo. If we add to this allegedly testing of Samsung Coin, it is obvious that this company thinks that it can profit in this sector.

However I agree that such big company entering in world of cryptocurrencies is not completely harmless, especially as regards the privacy of the users. But this is something that can not be completely avoided, and that is the price to pay for further adaptation whether we like it or not.

Last year Tim Draper has invested 75$ million in Ledger, and I have to admit I did not know that. Samsung is much bigger news even if they invest 25 times less money, but this just show how important is to have big name when it comes to business.

riritsurya1202

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Quote from: o_e_l_e_o on April 25, 2019, 05:48:55 AM

However, I'm always a bit wary with big companies who love to collect your data trying to climb in to bed with any existing crypto companies. Samsung, just like Facebook, Google, Apple, etc., store huge amounts of your personal data and have a complete profile of you, which they publicly sell to advertisers, and privately probably sell to a bunch of unknowns too. Lets say Ledger and Samsung develop a shared app, wallet, or device? Do you want all your bitcoin addresses, transactions, and purchases to be linked to your real name and address, and sold to anyone who pays the right price?

If that does happens, then lots of users would switch to other wallets. Open source wallet is a must, especially if they got funds from some companies like Samsung.

They might market it with some jargon though, like "We'd keep track of your address so you don't have to be worried of losing them." I don't know what Samsung is trying to do but they're definitely taking crypto seriously.

o_e_l_e_o

legendary

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I'm in two minds about this.

Samsung have alreadu shown an interest in crypto with their latest smartphone (S10) having a built in crypto wallet, and this seems a like a logical next step to get more involved in the space, although $2.9 million isn't exactly a big commitment from a company as big as Samsung. Nonetheless, getting big companies like Samsung to bring bitcoin to the masses is the surest way to grow adoption.

However, I'm always a bit wary with big companies who love to collect your data trying to climb in to bed with any existing crypto companies. Samsung, just like Facebook, Google, Apple, etc., store huge amounts of your personal data and have a complete profile of you, which they publicly sell to advertisers, and privately probably sell to a bunch of unknowns too. Lets say Ledger and Samsung develop a shared app, wallet, or device? Do you want all your bitcoin addresses, transactions, and purchases to be linked to your real name and address, and sold to anyone who pays the right price?

moriskarlov

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Activity: 546

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South Korea’s biggest conglomerate and one of the world’s largest brands, has invested $2.9 million in crypto hardware wallet manufacturer and custodial service provider Ledger in a high-profile deal.

The multi-million dollar investment in Ledger by Samsung comes less than a week after Samsung Ventures led a $4 million round in ZenGo, a startup developing keyless crypto wallets.

The commitment of Samsung in the crypto sector is likely to act as a catalyst that recovers the confidence of investors in the long-term prospect of the market.

See more - https://www.ccn.com/samsung-ploughs-2-9-million-into-crypto-hardware-wallet-giant-ledger

Topic: [2019-04-25] Samsung Ploughs $2.9 Mln into Crypto Hardware Wallet Giant Ledger (Read 176 times)