Samsung’s New Chip to Secure Crypto Transactions on Mobile Devices

South Korean tech titan Samsung announced a standalone turnkey security solution that secures cryptocurrency transactions on smartphones and tablets, according to the press release issued earlier today.

The solution consists of a Secure Element (SE) chip S3FV9RR and “enhanced” software. It is designed to secure the booting process, isolated storage and mobile-based payments. 

The new SE chip is certified with Common Criteria (CC) EAL 6+ security standard, which is used in applications with the most rigorous security requirements, namely e-passports and cryptocurrency hardware wallets. It can thereby be used in any mobile device, and will work independently from the device's main processor.

Notably, the announcement mentions cryptocurrency transactions as one of the primary purposes of the S3FV9RR chip, which is expected to be available in Q3 2020. Dongho Shin, senior vice president of System LSI marketing at Samsung Electronics, said:

“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.”

Samsung’s latest crypto-related developments

Samsung’s interest in cryptocurrencies and blockchain is well known, as the corporation has invested in numerous DLT startups, and has integrated the technology in its own products.

Earlier this month, Samsung Pay teamed up with cryptocurrency Visa card platform Swipe, allowing users to make crypto payments with their Samsung Pay-enabled devices.

In February, Samsung presented its latest smartphone series, the Galaxy S20, which reportedly improved on the integrated blockchain security features introduced a year ago on the Galaxy S10.