Samsung’s recent announcement of a native cryptocurrency wallet on their new phone sent shockwaves through the industry. While rumors persisted throughout the phone’s development cycle, the inclusion still comes as a surprise. A large swath of the community believed that it was too early for a mainstream company to make such a dramatic shift. Yet, the new reality is rapidly setting in – and establishing new norms for the market. The impact has yet to affect the major players like Bitcoin (BTC) and Ethereum (ETH), but some coins are seeing a massive boost.
Chief among these are Enjin (ENJ) and Bancor (BNT) – both for their software’s use as a component of the on-board wallet. Enjin’s mobile wallet software is widely considered some of the best in the industry. The Bancor Network, meanwhile, is one of the leading providers of ‘Atomic Swap’ technology. Atomic swaps allow for cross-chain token swaps, effectively linking together disparate cryptocurrencies.
Enjin Mobile Wallet and ENJ Recent Performance
Enjin Coin or ENJ is the token associated with well-known gaming adjacent company Enjin. Enjin built their company by providing easy hosting for gaming communities – a sector that they now handily dominate. Enjin Coin is an extension of this, aiming to provide a platform for cross-game currencies. In theory, ENJ’s primary use will be as a means of swapping value earned in one game for items in another. To facilitate this, Enjin produced the Enjin Mobile Wallet. The wallet’s inclusion of most major cryptocurrencies, coupled with a user-friendly interface, made it one of the most popular wallets on the market.
Enjin’s performance on the market remained strong, while following the general downward trend over the past year. Their wallet’s inclusion in the Samsung S10 is a huge success for the company, but it should not be mistaken for their only contribution. They remain focused on gaming – and recently released a Unity SDK that would allow ENJ’s use as a currency within Unity-based games.
Bancor Network and BNT Recent Performance
The inclusion of both Enjin and Bancor on the Samsung S10 shows that Samsung did their homework. Bancor’s atomic swap system allows users to quickly change between differing cryptocurrencies. When introduced alongside the Enjin Mobile Wallet, the combined Samsung system may well shape up to be one of the most comprehensive cryptocurrency exchange systems available.
Compared to ENJ, BNT’s value rose considerably less. Despite this, the currency is still doing well – and the associated bump from S10 inclusion may yet be on the horizon. Bitcoin did just recently breakthrough the $4,000 resistance point, which is another positive for the flagship cryptocurrency and the industry as a whole. While Samsung’s S10 phone is not cheap, it does represent an important shift that could be taking place with larger companies embracing blockchain and cryptocurrency.
Article By: Adam Stone