Electronics Giant Samsung Announces New Chip To Protect Cryptocurrency Transactions on Smartphones

Samsung, the South Korea headquartered electronics giant, recently divulged a new chip to safeguard digital asset transactions on mobile devices.

The company declared an independent security solution that secures virtual currency transactions on tablets and smartphones, as per a press release issued yesterday.

The solution comprises a Secure Element chip and improved software. It is premeditated to protect the booting process, mobile-based payments, and secluded storage.

The new Secure Element chip is certified with a security standard, which is used in applications with the most demanding security prerequisites, namely e-passports and digital asset hardware wallets. It can thus be used in any mobile device. Furthermore, it will work autonomously without interacting with the mobile device’s primary processor.

The senior vice president of System LSI marketing at Samsung Electronics, Dongho Shin mentioned:

“In this era of mobility and contact-less interactions, we expect our connected devices, such as smartphones or tablets, to be highly secure so as to protect personal data and enable fintech activities such as mobile banking, stock trading and cryptocurrency transactions.”