On the 19th of July, Samsung representatives denied its association with the Samsung Coin. The rumors of Samsung releasing its official cryptocurrency started making rounds when on the 10th of July a Trademark 5 was filed by Kim Nam-jin with KIPO (Korean Intellectual Property Office).
A Samsung representative said “We don’t work like this” and clearly disassociated the brand’s name with this trademark application.
As per a comprehensive report of the Trademark application, Kim Nam-jin applied for both the English and Korean versions of the tech giant’s brand name. It has been filed under multiple categories like electronic money card, electronic encryption device and IC card with electronic money function but there is no mention of blockchain or cryptocurrency in the category section.
However, this is not the first time Kim Nam-jin attempted to trademark a product in the name of a Korean brand or an existing product. On the 10th of July, Kim Nam-jin filed a trademark application for a crypto wallet, ThinQ which is an e-wallet by LG Electronics. The Korean tech LG Electronics had applied the Trademark application on the 2nd of the same month.
After Samsung Galaxy S10 came out with its crypto wallet app, the market was expecting Samsung to come out with a cryptocurrency soon. It was being said that Samsung is already building its cryptocurrency on Ethereum.
Samsung could also direct some legal proceeding against Nam-jin for using the brand’s name without taking official consent.