Consumer electronics giant Samsung has expanded its partnership with cryptocurrency exchange Coinbase, allowing its Galaxy smartphone users to buy crypto directly through its native Samsung Wallet.
In the first phase, about 75 million Galaxy users in the United States will gain access to Coinbase One, a subscription service that offers zero trading fees, higher staking rewards and account protection for lost funds due to unauthorized access, Coinbase announced Friday.
“Together with Samsung, we’re pairing their global scale with Coinbase’s trusted platform to deliver the best value for people to access crypto — starting with more than 75 million Galaxy users across the U.S., and soon around the world,” said Shan Aggarwal, chief business officer at Coinbase.
The two companies aim to expand access to more Galaxy smartphone users worldwide, potentially bringing a significant influx of new mainstream investors to the crypto market, given the over one billion active global Galaxy users.
Samsung accounted for about 13% of the world’s 7.4 billion smartphone users as of September, according to BankMyCell.
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Samsung Wallet partnership will make crypto “more accessible,” says Coinbase CEO
The new partnership will enable US Galaxy smartphone users to buy crypto via Samsung Wallet in addition to free access to Coinbase One, which costs $4.99 per month for the basic version and $29.99 per month for the premium version.
The new partnership will “make crypto even more accessible,” said Coinbase co-founder and CEO Brian Armstrong, in a Friday X post.
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Launched by Samsung Electronics, Samsung Wallet is an evolution of Samsung Pay, initially introduced in 2015, and later integrated multiple crypto wallet features, rebranding as the Samsung Wallet mobile application in June 2022.
Samsung Wallet was first rolled out as a payment method and deposit option for cryptocurrency traders on Coinbase at the end of July.
The partnership with Coinbase marked Samsung’s commitment to allow users to “explore and engage with crypto on a trusted platform,” from the convenience of their mobile phones, said Drew Blackard, senior vice president of mobile product management at Samsung Electronics America.
Samsung Wallet app users can execute crypto mobile transactions, installment payments, peer-to-peer transactions and access digital identity services.
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