Samsung’s Newest Security Chip Solution To Protect Cryptocurrency Transactions

The giant South Korean multinational tech company, Samsung Electronics, introduced today its newest security chip solution. It’s designed to protect personal data and fintech activities, including mobile banking and cryptocurrency transactions.

Samsung’s New Security Solution Protects Crypto Transactions

Per the announcement from earlier today, the latest standalone turnkey security solution chip from the tech giant is Common Criteria Evaluation Assurance Level (CC EAL) 6+ certified, which is the highest level acquired by a mobile component.

The chip is comprised of Secure Element (SE) chip (S3FV9RR), and its enhanced security software will offer protections for various tasks. Those include isolated storage, booting, mobile payments, and cryptocurrency transactions:

“In this era of mobility and contactless interactions, we expect our connected devices, such as smartphones or tablets, to be highly secure so as to protect personal data and enable fintech activities such as mobile banking, stock trading, and cryptocurrency transactions.

With the new standalone security element solution (S3FV9RR), Samsung is mounting a powerful deadbolt on smart devices to safeguard private information.”- said Dongho Shin, senior vice president of System LSU marketing at Samsung Electronics.

The new security solution, which is an enhanced version of the first generation from February this year, will be utilized in applications that demand the most stringent security requirements. According to the announcement, those are – flagship smartphones, e-passports, and hardware wallets for cryptocurrency assets.

The new version will provide twice the security storage capacity and should be available in Q3 this year, the statement informs.

Samsung, Blockchain, And Crypto

Samsung has its fair share of history with the cryptocurrency industry, such as its partnership with the Singapore-based company Enjin from last year. The South Korean giant supported the native cryptocurrency (Enjin Coin) on its flagship smartphone at the time – the Samsung Galaxy S10.

Since then, Samsung has collaborated on a few occasions with one of the most popular blockchain projects – the TRON Foundation. As CryptoPotato reported in late 2019, developers using Samsung’s Blockchain Keystore can employ TRON’s network to build applications on top of it.

Several months later, the partnership between the two Asian companies continued when TRON became the first blockchain project to have a dedicated section on the Samsung Galaxy Store. It allowed Samsung smartphone users from Europe and the US to experience “the next generation of blockchain-based applications” directly on their mobile devices.