Samsung Blockchain Wallet now allows users to buy and sell crypto via Gemini
May 28, 2020, 7:00AM EDT
1 min read
Crypto exchange Gemini has partnered with Samsung to allow Samsung Blockchain Wallet users in the U.S. and Canada to trade cryptocurrencies.
Announcing the news on Thursday, Gemini said the partnership would allow over 4 million Samsung users in the U.S. and Canada to buy and sell cryptocurrencies.
Samsung Blockchain Wallet is a non-custodial crypto wallet and is available for select smartphones, such as Galaxy S10 and S20 series. Gemini said users can store their crypto funds in the blockchain wallet or can transfer it to Gemini Custody.
“Crypto is not just a technology, it is a movement," said Tyler Winklevoss, CEO of Gemini. "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.”
With more than $100 billion in market cap across all chains, it is likely that the DeFi market cap will grow to $200 billion by 2025. However, many users still face various technical barriers when using decentralised platforms to do on-chain farming, staking and trading, while off-chain solutions face liquidity issues, fiat restrictions and the lack of a central multichain to support crypto assets and institutional-grade custodians.
The Federal Reserve dropped a new central bank digital currency white paper on Thursday. While largely avoiding the topic of crypto, it suggests that a US CBDC could compete with "private digital money."