LG, the South Korean electronics giant, is currently developing a cryptocurrency wallet app which will be launched later this year. The wallet, called Wallypto, will be part of a new phase of business for the company, which recently ditched its mobile hardware business and moved into software solutions. Wallypto will only support Hedera Hashgraph resources at launch.
LG will enter the cryptocurrency wallet business
More and more technology and traditional finance companies are investing funds in crypto-based businesses and operations. LG, the South Korean tech conglomerate, is getting into the cryptocurrency services business. According reports local media, the company is developing a new cryptocurrency software wallet, called Wallypto.
This development is part of the company’s strategy to diversify its product portfolio, by focusing on new activities. LG ditched its mobile hardware division in July 2021 and is now moving into software and other platforms.
The wallet, which is currently in the testing phase, will launch later this year and could be linked to LG devices to make payments for certain services. According to Kim Seung-joo, a professor at Korea University’s School of Information Security, this would allow the company to design new and better service and product strategies.
As for supported assets, Wallypto will only support Hedera Hashgraph-based tokens initially, and later include support for other mainstream cryptocurrencies. NFT support is also included, as the wallet will allow users to register and verify their NFTs.
This isn’t LG’s first attempt at the wallet business. The company spear LG Pay in 2019, a digital wallet that uses the Visa and Mastercard networks to make payments.
The launch of this new wallet follows renewed interest in crypto from LG. At the last general meeting of shareholders in March, LG introduced blockchain technology as part of its business orientation, including the sector of developing and selling blockchain-based software as one of its possible business extensions. .
LG’s rivals, such as Samsung, have been more active when it comes to Web3 and cryptocurrency developments. Samsung introduced its first cryptocurrency wallet in 2019, with the launch of its flagship Galaxy S10 series. The company recently signed a memorandum of understanding to build an NFT ecosystem, and also launched its own metaverse experience, called “Space Tycoon”.
What do you think of Wallypto, LG’s cryptocurrency wallet? Tell us in the comments section below.
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