South Korean tech giant LG Electronics is preparing to release in the third quarter of 2022 a cryptocurrency wallet named Wallypto based on the Hedera Hashgraph network. News1 reports this.
In August, the company began beta testing the app as the final stage of testing.
According to the publication, LG registered the wallet’s name and logo as trademarks in Korea and abroad.
In the initial phase, Wallypto supports HTS tokens and NFTs on Hedera. It is expected that after the official release, developers will widen the range of networks and assets integrated.
In March, the company added \”development and sale of blockchain software\” to its corporate charter.
In their view, the new direction could create a synergy with the company’s core activities, such as home appliances and electronics. Presumably the wallet will interface with IoT-devices built on the LG ThinQ platform.
\”From the standpoint of an electronics manufacturer, they are uniquely interested in a payments system, because they can control it and obtain high-quality data,\” commented Professor Kim Seung-ju of Korea University’s Graduate School of Information Security.
He noted that such information is highly useful for developing new business models and services.
In 2019, LG Electronics filed a patent application for a crypto wallet and announced plans to produce blockchain smartphones. The company exited the mobile devices market in 2021.
In January 2022 LG, following Samsung, unveiled a line of smart TVs with NFT support.
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