Samsung has developed a security chip cryptocurrencies for smartphones

Samsung разработал чип безопасности криптовалют для смартфонов

The South Korean company Samsung electronics continues to demonstrate its commitment to crypto-currencies. It became known that the company has created security chip cryptocurrencies for smartphones.

Today, 26 may, Samsung announced ready standalone solution that protects the cryptocurrency transactions on smartphones and tablets.

The solution consists of chip-based Secure Element (SE) S3FV9RR and “advanced” software. The chip is designed to provide the boot process, isolated storage and payments based on mobile devices.

The new chip SE certified security standard common criteria (CC) EAL 6+, which is used in applications with highest security requirements, namely, electronic passports, and?? hardware wallets cryptocurrency. Thus, it can be used in any mobile device and work independently from the main processor of the device.

In particular, the report notes that cryptocurrency transactions is one of the main goals of the chip S3FV9RR, which will be available in the third quarter of 2020. Dongo Shin (Shin Dongho), senior Vice President of marketing, system LSI at Samsung Electronics, said:

“In the era of mobile and contactless interactions we expect that our connected devices: smartphones or tablets, will be very safe. We strive to protect personal information and to enable financial transactions such as mobile banking, stock trading and operations with cryptocurrency”.

Interest Samsung to cryptocurrencies and the blockchain is well-known because the Corporation has invested in numerous blockchain startups and integrate the technology into their products.

Earlier this month, Samsung Pay has teamed up with cryptocurrency platform Visa Swipe, which allows users to make payments of the cryptocurrency on their devices that support Samsung Pay.

In February, Samsung unveiled its latest series of smartphones – the Galaxy S20. It is reported that the company has improved the functions of the integrated security of the blockchain, presented a year ago on a Galaxy S10.