Samsung Blockchain Keystore

What is Samsung Blockchain Keystore?

Samsung Blockchain Keystore is a cryptocurrency wallet that comes in-built on selected Samsung mobile phone models in selected countries. Samsung’s crypto wallet is a preloaded feature, which means that you do not have to download an app from the Google Play Store.

The South Korean smartphone giant introduced the Samsung Blockchain Keystore in 2019 with the Galaxy S10 series. Samsung’s crypto wallet is used to store private and public keys, sign on crypto transactions, and manage cryptocurrencies.

Which Samsung Phones Support Samsung Blockchain Keystore?

Does your phone have a Samsung Blockchain Keystore?

Here are the Samsung smartphone models that support it:

• Galaxy S series (Starting with Galaxy S10 series)
• Galaxy Note series
• Galaxy Fold series
• Galaxy Z Flip series
• Galaxy A90 5G
• Select Galaxy A Series (Launched in 2020 and after)

The supported device list is regularly updated. Some regions may not be included in Samsung Blockchain Keystore support.

How to Set Up Samsung Blockchain Keystore?

To set up the Samsung Blockchain Keystore, follow these easy steps:

• First go to the device’s ‘Settings’ menu on your Samsung phone.
• Tap on “Biometric and Security” and find “Samsung Blockchain Keystore.”
• When you enter the Samsung Blockchain Keystore for the first time, you get two options: to create a new wallet or to link an existing wallet.
• If you want to create a new crypto wallet then tap on “Create”. The next page will show you the 12 secret recovery phrases (SRP) of your wallet.
• Write down the SRP in the correct order on paper. Samsung Blockchain Keystore will ask you to verify the SRP in the next step.
• If you verify the secret phrases correctly, the setup will be complete.

It is important to note that the SRP of crypto wallets is a critical piece of information that must be kept confidential and secure. SRP gives you access to your wallet. It is the only way to recover a crypto wallet in case you lose your smartphone. Anyone with your SRP will be able to access your Samsung Blockchain Keystore wallet and your cryptocurrencies.

Features of Samsung Blockchain Keystore

1. Key Management: Samsung Blockchain Keystore can create new private-public keys to a crypto wallet. Users can also import existing private keys that they create with a third-party wallet provider, like MetaMask or Coinbase Wallet. Remember that cryptocurrency wallets do not actually “store” cryptocurrencies, they store private keys that represent your ownership of cryptocurrencies that exist on a blockchain.
2. Manage Cryptocurrencies: Samsung Blockchain Keystore supports popular cryptocurrencies like Bitcoin (BTC), Ether (ETH), Tron (TRX), ERC-20 tokens, and more. Support for cryptocurrencies is regularly updated.
3. Signing Crypto Transactions: Samsung Blockchain Keystore allows you to sign and approve crypto transactions. Users can check transaction information such as recipient address, crypto amount, and gas fees before approving transactions on the Samsung Blockchain Keystore.
4. Web3 Access: Samsung Blockchain Keystore can be used to log in to decentralized applications (DApps). DApps do not require users to sign in using email addresses and phone numbers. A crypto wallet is the only requirement to log in to blockchain-powered websites.
5. NFT: Samsung Blockchain Keystore can store non-fungible tokens (NFTs).
6. PIN and Fingerprint Management: Samsung Blockchain Keystore requires users to set a PIN to access the crypto wallet. Users can also set up fingerprint verification as an alternative authentication method.

How to Send and Receive Cryptocurrencies Using Samsung Blockchain Keystore?

Sending and receiving cryptocurrencies on Samsung’s crypto wallet is similar to the process in other crypto wallets like MetaMask and Coinbase Wallet. Always double-check the transaction details.

Sending Cryptos:

1. Tap the “Send” button present under the crypto token you want to send.
2. In the next step, you can copy-paste the recipient’s address or scan their wallet address QR code.
3. Add the amount of crypto you want to send. Make sure you have enough gas fees to pay for the transaction.
4. Click on “Calculate fee.”
5. You can choose the speed of the transaction. Higher speeds will incur additional fees.
6. Sign and approve the transaction.

Receiving Cryptos:

1. Copy-paste your account address and provide it to the sender. You can even scan the QR code to your wallet if the sender is nearby.
2. Make sure that your Samsung crypto wallet is compatible with the crypto you are receiving.

How to Backup the Recovery Phrase on the Samsung Blockchain Keystore?

SRP is the single most important piece of information of your Samsung crypto wallet. It will allow you to recover your crypto wallet in case you lose your smartphone or forget your PIN. It is important to back up your SRP because it cannot be changed or replaced.

Samsung gives users the option to back up their wallet recovery phrases to the cloud. You will find it on the menu list of Samsung Blockchain Keystore under “Back up recovery phrase.” Tap on “Back up”.

You can even back up your SRP manually by copying and pasting the phrase and storing it on your smartphone or laptop. However, crypto experts warn about the risk of backing SRP on cloud and devices because they are vulnerable to hacks.

Writing down SRP on a diary or a piece of paper removes hacking risk but is prone to misplacement.

The Bottom Line

Although Samsung does not explicitly state that the Samsung Blockchain Keystore is a cryptocurrency wallet, it is unmistakably one. It is encouraging to see one of the biggest electronics companies in the world develop blockchain and crypto products for the masses.

We would like to end this article by reminding you that crypto wallets are self-custodial. This means that you alone are responsible for managing and securing the SRP, private keys, and cryptocurrencies held in your Samsung crypto wallet.

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