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Samsung's Galaxy S10 Will Support Private Key Storage. So What?

After weeks of speculation, Samsung has confirmed that its newest smartphone will support secure storage for cryptocurrency private keys. This marks one of the most significant crypto-focused hardware investments from a mainstream tech giant ever, but could mean many different things for cryptocurrency depending on how it moves forward.

During an unveiling event yesterday, Samsung introduced its lineup of new flagship smartphones: the Galaxy S10, S10+ and S10e. The announcement followed leaked images that appeared to indicate the phones would feature a "Blockchain KeyStore" that would allow users to "secure and manage [their] private blockchain key." The photos also seemed to depict a built-in wallet app supporting Ethereum.

Despite the leaks and resulting speculation from the crypto community, Samsung didn't expand on any crypto-friendly offerings the new product line would include during its unveiling event. But it did subsequently release some details about a private key storage feature.

"Galaxy S10 is built with defense-grade Samsung Knox, as well as a secure storage backed by hardware, which houses your private keys for blockchain-enabled mobile services," per the release.

However, it's still unclear what users might be able to do with a smartphone that stores their private keys. If Samsung Knox were to be integrated with a wallet app, for example, users could store their private keys and seamlessly send or receive cryptocurrency, making their phone a mobile hardware wallet of sorts.

Even though the official release from Samsung was sparse, there is good reason to believe it has grander plans for the Galaxy S10's crypto functionality. For instance, a video shared by Korean Cryptocurrency & Blockchain News on Twitter appears to show a blockchain tutorial on the new phone.

But there are also questions around whether or not storing your private keys on your mobile phone is a good idea. In general, most crypto holders would only feel comfortable storing their life savings on an offline hardware wallet, minimizing the chances that their private keys are compromised. Still, the convenience of holding some crypto funds directly on your smart phone for casual spending could be a big boost to mainstream adoption.

A Former CFTC Chairman’s Plan for Federal Crypto Regulation

Timothy Massad, the former chairman of the Commodity Futures Trading Commission (CFTC), has outlined a case for better (read: stricter) federal crypto asset regulation in a substantial report for the Brookings Institute, “It’s Time to Strengthen the Regulation of Crypto-Assets.”

Square to Hire Full-Time Team of Open-Source Bitcoin, Crypto Contributors

Source: Twitter

Jack Dorsey, founder and CEO of social media giant Twitter and mobile payments company Square, announced that he is hiring a handful of full-time employees for the latter who will work on open-source contributions to the Bitcoin and cryptocurrency ecosystem. He added that the work done by this team, made up of three or four engineers and one designer, will be independent of Square's business objectives and all resulting work will be open and free.

Will #DeleteCoinbase Hurt Cryptocurrency Adoption?

There has been no shortage of news regarding trust issues in the cryptocurrency sphere. For example, the recent death of QuadrigaCX CEO Gerry Cotten revealed that he personally held the keys for the company’s reserves and they were lost, leaving platform users dependent on the Canadian justice system for a solution.

Huobi Introduces Coin Launch Platform

Source: Huobi

The Singapore-based cryptocurrency exchange Huobi has announce that "Huobi Prime," a coin launch platform, will go live on March 26. The service will allow professional and retail investors to purchase new cryptocurrencies before they are listed more broadly and potentially at lower costs. The announcement appears to compete with Binance's Launchpad service.