SamMobile has affiliate and sponsored partnerships. If you buy something through one of these links, we may earn a commission.

News For You
News For You

Samsung denies reports about accepting cryptocurrency for in-store purchases


Last updated: July 24th, 2018 at 17:00 UTC+02:00

Samsung grabbed headlines in the cryptocurrency space last week when news reports emerged that the company is going to accept cryptocurrency for in-store purchases in the Baltic states. The news created a lot of buzz in the crypto community battered by the recent slump in the market. Many major crypto websites picked up the story without any confirmation from Samsung.

All these reports were based on a Medium post by an obscure blockchain startup named CopPay. The now-deleted post said that customers in Tallinn, Riga, Vilnius, and Kaunas can purchase Samsung products in-store through cryptocurrency. It mentioned that Samsung stores will accept Bitcoin, Ethereum, Litecoin, Ripple, Dash, Nem, and Steem through CopPay technology.

Fake news?

Fortunately, or unfortunately, the news turns out to be false. When Hard Fork sent an email to Samsung to confirm the veracity of the news, a spokesperson for Samsung denied the rumors by saying, “Our official response is that the rumor is not true.”

CopPay hasn't followed up its initial report with more information following the denial by Samsung. The company has made it clear that it hasn't partnered with CopPay to accept cryptocurrencies as payment in its stores. Misinformation such as this damages the already shaky credibility of the crypto market. Though Samsung is not accepting cryptocurrencies, it is still a player in the crypto market as it announced making ASIC chips for mining a few months back.

Galaxy AI summarized

Scroll for more related content
News For You