It seems to us that this is more of a play by Samsung to be associated with crypto and appease investors, as opposed to any serious venture. Last month, the Chinese government has actively tried to curb crypto-related activities, instructing provincial governments to 'actively guide' companies to exit the cryptocurrency mining industry - we highly doubt this can go unnoticed by Samsung.
The need nowadays to be associated with crypto and blockchain technologies has seen countless companies rebrand or establish new business divisions:
- see https://www.bloomberg.com/news/articles/2017-12-21/crypto-craze-sees-long-island-iced-tea-rename-as-long-blockchain for an almost-comical example, reminiscent of the tronics boom of the 1950-60s.
Samsung's latest venture doesn't seem to be a play on materially boosting company revenue or profits, but can certainly convey positive signals to attract investors.