Will Samsung and cryptocurrency-based payment firm GatePay sign a partnership soon?


Cryptocurrencies are also known to be spoken at the World Economic Forum event in Davos. In fact, this time's event hosted almost as much talk of cryptocurrencies as ever, and that's where an important partnership “news” came from.

A start-up called GatePay is known as a payment firm, where cryptocurrency payments are also included. Alexander Drummond, gatepay's co-founder, may have said something during an interview with The CoinTelegraph. Drummond claimed that the GatePay app could pay the way they wanted, and that the app could cash that payment into whatever the shop owner wanted.

Is the GatePay and Samsung partnership coming?

Although it annoys many stores that banks charge a commission of 4% or more on each transaction, the lack of an alternative restricts the options. Drummond said they could overcome this with software-based development and shop owners could get paid with reputational money while people paid with cryptocurrencies.

Drummond, who also spoke about gatepay's future, said they would soon sign a partnership with the owner of the world's largest or second largest payment network:

“If you have a typical Android phone they are already connected to this ecosystem. I can only tell you that very soon we will announce a partnership with Korea's largest consumer electronics manufacturer.”

While Drummond doesn't specifically say Samsung, the biggest name in Korea's field is known as Samsung. Samsung additionally has a payment network known as Samsung Pay. Samsung has certainly stepped up to cryptocurrency and blockchain-based developments and has recently taken a significant step forward.