Samsung Denies Collaboration With Blockchian Startup CopPay [UPDATED]
After it was reported last week that electronics manufacturer Samsung was partnering up with Lithuanian blockchain startup CopPay, the former company recently denied that there were plans for collaborations.
It was reported by thenextweb’s Hard Fork that the alleged collaborating between the two companies which would have supported cryptocurrency payments in Samsung stores in three Baltic countries was completely false. Samsung’s official response was “that the rumor is not true.”
CopPay initially made the announcement through a now-deleted post on its Medium blog, and at that time it stated the following information:
“Customers in Tallinn, Riga, Vilnius and Kaunas can buy Samsung smartphones, tablets, laptops, TV-sets, and more with digital money.”
The post also mentioned that:
“The crypto-payment feature will be available soon at Samsung’s internet stores.”
Samsung and Its Interest in Blockchain
The alleged partnership between the companies claimed that it would have offered support for crypto payments in the Bitcoin, Ether, Litecoin, Ripple, Dash and NEM currencies– but there were some inconsistencies in their story.
Hard Fork stated that they had tried to contact CopPay for further details, but the company just passed them on to Samsung for answers.
Although Samsung has had prior contact which the blockchain space, researching the technology’s applications in streamlining the logistic process of its vast network. Such involvement from the company in the cryptocurrency space would have represented a major validation for the industry on an overall level.
Even though the issue has still some loose ends to be tied up, with an official response from CopPay still being expected, for the time being, it appears that it will be a while until Samsung will have more involvement with cryptocurrencies.
Update July 25: Since then, CopPay’s CEO, Samovich, has released a response to the Samsung announcement controversy, stating that the collaboration agreement has been withdrawn (despite having already been signed).
“CopPay provided its solution to the Baltic premium reseller of Samsung that sells mobile phones, tablets, TVs and other products under its brand. The reseller is a separate legal entity and was exited [sic] to add an additional payment method for its customers. The official agreement was signed.
We activated CopPay Payment Gates in Samsung Stores and trained personnel to show how it works, even a few transactions were made. In addition, we were preparing a mutual statement with representatives of Samsung PR division.
Unfortunately, after Samsung officially announced that it doesn’t have any plans for the crypto and blockchain payments, the reseller decided to suspend cryptocurrency payment method. We have all evidence of the above information and can present the proof in court.
We’ve never claimed that we enter into partnership with Samsung HQ. We announced about the possibility to buy Samsung products with cryptocurrencies in its Baltic stores.”