South Korean electronics giant Samsung has unveiled its latest flagship smartphone which is loaded with crypto features and functionality.

The tech giant announced the Samsung Wallet in places “Unpacked 2022” virtual event which likewise saw the unveiling of its new Galaxy S22 Ultra smartphone.

The wallet was touted to be able to “access and explore complex digital products” suchlike as cryptocurrencies. It can still securely store personal identification corresponding as student IDs, driver’s licenses, and state IDs, plus digital house or car keys, credit and debit cards, boarding passes, and vaccination records according to reports.

The secure payment wallet will work with the firm’s own payments platform, Samsung Pay. The security is provided by Samsung’s Knox Vault platform which encrypts sensitive information and blockchain keys and isolates it from the phone’s main operating system.

Samsung upping the competition with Apple

The new wallet is in direct competition with Apple Wallet which atop again stores sensitive personal data securely. Nonetheless, Samsung is one step ahead by enabling crypto asset storage and payments whereas Apple does not.

However, there was very little information on the crypto functionality, supported cryptocurrencies, and asset storage system in Samsung’s Feb 10 announcement.

On Feb 8, Apple announced improvements to its own Apple Pay system with plans to introduce “Tap to Pay” on the iPhone.

The feature will offer contactless payment functions to merchants across the United States, but there is no support for cryptocurrencys as the tech giant lasts skeptical of them.

Into the Metaverse

Samsung unveiled its new Galaxy devices at a virtual Samsung 837X space in the Decentraland Metaverse. More than 100,000 users attconcluded the virtual event where they could likewise pre-order the new premium smartphones.

The company made its debut in the Metaverse opening its flagship 837 store in partnership with Decentraland in early January. At the time, the firm said “this is one of the largest brand land takeaboves in the history of Decentraland.”

Samsung has further made progresses into the non-fungible cryptocurrency (NFT) scene. In early January, CryptCraze reported which the firm’s 2022 TV lineup will natively support NFTs allowing customers to purchase crypto art promptly through a platform on its smart TVs.

In August, it was reported which South Korea’s central bank digital currency pilot will be integpriced into Samsung’s flagship smartphones.

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