Samsung Pursues Digital Assets With Crypto Exchange Deal and Stablecoin Push

Samsung’s recent announcements that it is adding stablecoin support to new smartphones and that it acquired a stake in cryptocurrency exchange operator Dunamu suggest the company is positioning itself as a leader in stablecoins, CoinDesk reported Tuesday (Aug. 4).

Citing interviews with analysts, CoinDesk said Samsung’s addition of stablecoin support to smartphones could make it a major stablecoin distributor. By placing this capability in its Samsung Wallet, the company can introduce new users to stablecoins, according to the report.

Samsung’s acquisition of a stake in Dunamu, the operator of the Upbit cryptocurrency exchange, suggests Samsung is interested in entering the digital asset infrastructure businesses as well as the distribution business, per the report.

South Korea is considering the Digital Asset Basic Act, a bill that was unveiled in April and would create rules for digital asset trading, custody, supervision and stablecoin issuance, according to the report.

Samsung’s recent moves could position the company to be ready for both dollar and won stablecoins, the report said.

When Samsung announced July 22 that Samsung Wallet will be expanded to embrace stablecoins, Lee Dinham, product specialist at Samsung, said, “This will make Samsung one of the first major mobile brands to bring native stablecoins to a smartphone, enabling fast and trusted digital value transfers.”

With the addition of stablecoins, Samsung Wallet will bring together payments, rewards and digital assets, creating “the foundation of a connected financial ecosystem across Galaxy devices and services,” Dinham said while speaking at Samsung’s Galaxy Unpacked event.

CoinDesk reported in May, citing a report from the Korea Herald, that three Samsung affiliates agreed to buy a 4% stake in Dunamu for a total of 612.8 billion won ($408 million).

Samsung Securities agreed to take a 2% stake in Dunamu, while Samsung Card and Samsung SDS each agreed to take a 1% stake, according to the report.

PYMNTS reported in July that Samsung teamed with Barclays to roll out its first credit card. The Samsung Galaxy Card will run on Visa’s network, will be available in both virtual and physical card formats, and is designed to integrate with Samsung’s digital wallet.