The price of Enjin Coin (ENJ) has increased by more than 75 percent over the last 24 hours according to data from CoinMarketCap. The partnership might also be a sign that the tech mogul is diving deeper into the field of e-gaming.
Media outlets in South Korea confirmed the partnership between the Singapore-based company Enjin, which is behind the cryptocurrency Enjin Coin (ENJ), and Samsung. The digital currency will be supported by Samsung Galaxy S10 – the company’s latest flagship smartphone.
Somewhat expectedly, the price of ENJ surged on the news. Over the last day, it managed to gain upwards of 75 percent. At the time of this writing, ENJ is trading at $0.17 and it’s the best performing altcoin from the top 100 cryptocurrencies as listed on CoinMarketCap. Currently, Enjin holds a market cap of $127 billion.
This is not the first time ENJ is marking a serious overnight price surge. Just a few weeks ago, when rumors regarding its partnership with Samsung started circulating the internet, the cryptocurrency gained upwards of 300% overnight.
The confirmation of the partnership between Samsung and Enjin signals an effort on behalf of the tech giant to increase its involvement in the rapidly growing e-sports market in the region.
It’s important to note that Enjin is a company based in Singapore and is creating an entire gaming ecosystem. According to reports, the platform already has upwards of 20 million users split across 250,000 gaming communities. Its native cryptocurrency, the Enjin Coin, is used to assign ownership to in-game assets. It’s supposed to enable gamers to monetize the time they spent playing video games.
Earlier in February, Venture Beat reported that Samsung is also working with a popular game engine maker – Unity Technologies. Their work together is aimed at improving device performance and helping games run smoother on the new flagship Samsung Galaxy S10 smartphone.
In any case, it’s clear that Samsung is also furthering its journey into the field of cryptocurrencies, as the new smartphone will also feature a hardware-backed cryptocurrency storage solution. It will initially support Bitcoin (BTC), Ethereum (ETH), Cosmo Coin (COSM), and Enjin Coin (ENJ).