Is Samsung About To Partner With This Crypto Startup?

It’s humorous what enterprise leaders can and may’t inform the press.

Cointelegraph caught up with Alexander Drummond, co-founder of crypto-enabled funds firm GatePay, on the 50th version of the World Financial Discussion board in Davos, Switzerland this week. Drummond was one in every of a number of crypto entrepreneurs presenting his firm on stage on the CV Labs occasion on Tuesday.

Drummond’s pitch for GatePay goes one thing like this: retail clients ought to be capable of pay for merchandise with any technique of change they need, and retail shops ought to be capable of deal with it. Providing checkout assist for various bank cards and in style cryptocurrencies, GatePay is a chunk of software program that point-of-sale distributors push to their retailers’ checkout methods to assist all types of bank cards and cryptocurrencies.

Retailers designate their banking particulars and obtain all their income — from Mastercard swipes to BTC transactions — as standard financial institution deposits. Retailers get money, not crypto, and that is what a overwhelming majority of retailers need on the finish of the day.

“If i need to pay with Bitcoin, i select that possibility and scan a QR code or faucet my telephone through NFC,” Drummond defined. “It’s actually the identical as for those who had been utilizing ApplePay or one other non-credit-based cost rail.”

After we requested Drummond what the longer term held for GatePay, he let free an attention-grabbing tidbit:

“We’re about to companion with the most important or second-largest cost community on this planet. If individuals have a typical Android telephone, they’re seemingly already tied into this ecosystem. I can solely inform you that we’re near saying a collaboration with Korea’s largest shopper electronics producer.”

Drummond particularly didn’t say “Samsung,” however that’s certainly Korea’s largest shopper electronics producer, and it has an related cost community referred to as Samsung Pay that’s suitable with all kinds of Android telephones. If and when GatePay could make the formal announcement that the collaboration is finalized, it could symbolize a significant momentum increase for this crypto startup.

However we’re nonetheless ready for that formal announcement.

Samsung didn’t instantly reply to Cointelegraph’s request for remark.