Consumer electronics leader Samsung has teamed up with cryptocurrency exchange Coinbase, creating a pathway for over one billion Galaxy smartphone users to access cryptocurrency more easily worldwide.
In the initial phase, around 75 million Galaxy users in the United States will be able to utilize Coinbase One, a subscription service offering zero trading fees, enhanced staking rewards, and protection for lost funds due to unauthorized access, Coinbase announced on Friday.
“By collaborating with Samsung, we’re combining their global reach with Coinbase’s reliable platform to provide optimal value for individuals looking to access crypto — beginning with over 75 million Galaxy users in the U.S., and soon globally,” stated Shan Aggarwal, chief business officer at Coinbase.
The partnership aims to broaden access for more Galaxy smartphone users around the world, potentially attracting a wave of new mainstream investors to the crypto market, considering there are over one billion active global Galaxy users.
As of September, Samsung represented approximately 13% of the world’s 7.4 billion smartphone users, according to BankMyCell.
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Samsung Wallet partnership aims to make crypto “more accessible,” says Coinbase CEO
The new collaboration will allow U.S. Galaxy smartphone users to purchase crypto using Samsung Pay, in addition to free access to Coinbase One, which has a standard version costing $4.99 per month and a premium version costing $29.99 per month.
The partnership is set to “make crypto even more accessible,” remarked Coinbase co-founder and CEO Brian Armstrong in a Friday X post.
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Launched by Samsung Electronics, Samsung Wallet is an advancement of Samsung Pay, which debuted in 2015, and later incorporated various crypto wallet features, rebranding as the Samsung Wallet mobile application in June 2022.
Initially introduced as a payment method and deposit option for crypto traders on Coinbase at the end of July.
The collaboration with Coinbase reinforces Samsung’s commitment to enabling users to “explore and engage with crypto on a reliable platform,” from the convenience of their mobile devices, according to Drew Blackard, senior vice president of mobile product management at Samsung Electronics America.
Samsung Wallet app users can execute mobile crypto transactions, installment payments, peer-to-peer transactions, and access digital identity services.
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