Samsung has unveiled a new chip that offers a lot more security to cryptocurrency transactions. According to an official press release, the standalone turnkey security solution will ensure better security for these crypto transactions on mobile devices.
The announcement explains that the product comprises a Secure Element (SE) chip (S3FV9RR) and more enhanced software. It will offer better protection for several activities like isolated storage, booting, and mobile payment.
Speaking on the new development, Samsung Electronics Senior Vice President of System LSI marketing Dongho Shin has said that the need for improved security is necessary now more than ever, in today’s digital world.
“In this era of mobility and contact-less 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.”
Describing the SE chip as a “powerful deadbolt”, Dongho promises that it’s a great way to ensure the safety of private information. The press release says the SE chip comes with the Common Criteria (CC) EAL 6+ certification, which is used in applications that have heavy security requirements. These include smartphones, crypto hardware wallets and e-passports. The chip will be available sometime in the third quarter of 2020.
Samsung has been pro-crypto and blockchain for a while now. Last year, a Samsung-backed blockchain firm launched in the UAE.