Samsung’s wallet plans reportedly come in two parts.
The first part is the cold wallet. This will be a separate offline data storage element, presumably found inside the phone itself. Held offline as it is, there’s no chance of remote cryptocurrency theft.
The second is the hot wallet app. This online app is intended to serve people’s needs for making transactions and actually using their cryptocurrency.
Samsung bitcoin app will securely store cryptocurrencies
Cryptocurrencies are stored in hot and cold digital wallets. They hold the public and private keys required for moving the digital currency. Cold wallets are considered to be more secure as they are kept offline. Hackers can’t access the keys in those wallets remotely and physical access to the device having the cold wallet is required to retrieve them.
Users will be able to import wallets from other services into the cold wallet, including Metamask, TrustWallet, and others, and the wallet would support Bitcoin, Ethereum (and Ethereum-based tokens), and Bitcoin Cash. As with other types of cold storage for crypto, the device maker, Samsung in this case, won’t have access to the data stored in the cold wallet, and users will be able to recover the contents using a standard 12- to 24-word phrase. On top of that, Samsung’s Bitcoin app will require authentication, meaning that users will need to enter a PIN or scan a fingerprint to access the cold wallet.