Samsung Coin not from company despite Galaxy S10 cryptocurrency app

Samsung logo (Beawiharta/Reuters)

The Samsung Coin cryptocurrency is being trademarked, leading to rumors that the company is putting out its answer to Bitcoin. But the South Korean tech giant has now denied any involvement in this currency despite supporting cryptocurrency in its current flagship device.

As seen on the Korean Intellectual Property Office, the trademark application for the Samsung Coin has been filed by Kim Nam-Jin. But even though the cryptocurrency is branded with the large tech company's name, Kim is not affiliated with Samsung.

Samsung confirmed its non-participation with this trademark to cryptocurrency news site CoinDesk, stating: "We (the company) don't work this way." The trademark filing doesn't make it clear if Samsung Coin is going to be a new underlying system to cryptocurrency or will be a cryptocurrency.

Previously, reports surfaced that the tech giant has been dabbling and making its own ethereum tech to support its future cryptocurrency. The Samsung Coin could have been the company's attempt, but its confirmation of not having anything to do with this filing makes the cryptocurrency an unofficial product. If pushed through, Samsung could take legal action against this trademark owner using their brand without official consent.

Before the latest flagship phone Samsung Galaxy S10's release, one of its features was to support cryptocurrency wallet for the device. It would allow users to use the S10 to hold and monitor its owner's cryptocurrency account.

Even with its nifty cryptocurrency support, the Crypto Wallet app in the S10 could only support four decentralized apps namely Enjin, Cosmee, CryptoKitties, and CoinDuck. The app is confirmed to eventually include more in future updates and the Samsung Coin could have been one of it. Prior to Samsung's confirmation, many reports have erroneously confirmed that the Samsung Coin was a cryptocurrency coming from the company itself.

In other Samsung news, the company still has to reveal any updates about the Samsung Galaxy Fold following its disastrous reviews. The negative reviews about the device's durability prompted not only Samsung, but also its rival Huawei, to pull back on the reveal dates of their devices to further improve it. In August, Samsung is also planning to have another Unpacked event which the Galaxy Note 10 is expected to be revealed.

This article was first published in IBTimes US. Permission required for reproduction.