Korean electronics giant LG is currently developing a cryptocurrency wallet app that will be launched later this year. The wallet, called Wallypto, will be part of a new business phase for the company, which recently abandoned its mobile hardware business and shifted its focus to software solutions; Wallypto will only support Hedera Hashgraph assets at launch.
LG to Enter Cryptocurrency Wallet Business
More and more tech and traditional financial firms are putting their money behind crypto-based businesses and operations. South Korean tech conglomerate LG is getting into the cryptocurrency services business. According toreportsfrom local media, the company is developing a new software cryptocurrency wallet called Wallypto.
This development is part of the company’s strategy to diversify its product portfolio as it pivots to include new activities; LG abandoned its mobile hardware division in July 2021 and is now moving into software and other platforms.
The wallet, currently in the testing phase, will be launched later this year and may be able to work with LG appliances to make payments for certain services. According to Professor Seungju Kim of Korea University’s School of Information Security, this will allow the company to design new and better services and product strategies.
As for supported assets, Wallypto will initially support only Hedera Hashgraph-based tokens and will later include support for other mainstream cryptocurrencies. Support for NFTs will also be included, as wallets will allow users to register and verify NFTs.
This is not LG’s first attempt in the wallet space. The company has launchedandLG Pay, a digital wallet that uses the Visa and Mastercard networks for payments, in 2019.
which specializes in blockchain
The launch of this new wallet comes on the heels of renewed interest in crypto on LG’s part; at its most recent shareholder meeting in March, LG introduced blockchain technology as part of its business focus and included the sector of developing and selling blockchain-based software as one possible business expansion included the sector of developing and selling blockchain-based software as one of the possible business expansions.
LG’s rivals, such as Samsung, are more aggressive when it comes to web3 and cryptocurrency development. 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 create an NFT ecosystem and also launched its own metaverse experience called “Space Tycoon.”
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