Samsung, a leader in consumer electronics, has enhanced its collaboration with cryptocurrency exchange Coinbase, enabling users of its Galaxy smartphones to purchase crypto directly through Samsung Wallet.
Initially, around 75 million Galaxy users in the U.S. will be given access to Coinbase One, a subscription service that features no trading fees, increased staking rewards, and protection for lost funds due to unauthorized access, Coinbase declared on Friday.
“By partnering with Samsung, we’re combining their global reach with Coinbase’s reliable platform to provide the best value for individuals accessing crypto — starting with more than 75 million Galaxy users in the U.S., and soon globally,” stated Shan Aggarwal, chief business officer at Coinbase.
The two companies plan to broaden access to more Galaxy smartphone users worldwide, which could lead to an influx of new mainstream investors into the crypto market, considering there are over one billion active Galaxy users globally.
As of September, Samsung comprised approximately 13% of the world’s 7.4 billion smartphone users, according to BankMyCell.
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Coinbase CEO states Samsung Wallet partnership will enhance crypto accessibility
This new partnership will allow U.S. Galaxy smartphone users to buy crypto through Samsung Wallet, along with free access to Coinbase One, which is priced at $4.99 per month for the basic version and $29.99 per month for the premium version.
Coinbase co-founder and CEO Brian Armstrong remarked that the partnership will “make crypto even more accessible” in a Friday X post.
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Introduced by Samsung Electronics, Samsung Wallet builds on Samsung Pay, which was first launched in 2015, and incorporates multiple crypto wallet features, rebranding as the Samsung Wallet app in June 2022.
Samsung Wallet was initially introduced as a payment method and deposit option for crypto traders on Coinbase at the end of July.
The collaboration with Coinbase highlights Samsung’s dedication to providing users the ability to “explore and engage with crypto on a trusted platform,” right from their mobile devices, as stated by Drew Blackard, senior vice president of mobile product management at Samsung Electronics America.
Samsung Wallet app users can conduct crypto mobile transactions, installment payments, peer-to-peer transfers, and access digital identity services.
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