LG, the South Korean electronics manufacturer, is developing a cryptocurrency wallet application that will go live later this year. Wallypto will become part of the new business phase at LG, which has recently stopped making mobile devices and switched to offering software-based solutions. Wallypto at launch will only support Hedera Hashgraph asset.
LG enters the Cryptocurrency Wallet Business
As crypto-based business and operations become more popular, traditional and tech finance firms are investing in them. LG, the South Korean tech giant, has entered the cryptocurrency services business. Wallypto, a brand new cryptocurrency wallet software, is being developed by the company, according to local media.
This development is part of the company’s strategy to diversify its product portfolio, as it pivots to include new activities. LG’s mobile hardware division was abandoned in July 2021 and the company is moving towards software.
The wallet, currently being tested, is set to launch in late 2012. It might also be compatible with LG appliances, allowing for payment of certain services. Kim Seung-joo is a Professor at the School of Information Security of the University of Korea. This would enable the company to develop new service and product strategies.
Wallypto currently supports Hedera Hashgraph-based tokens. However, Wallypto plans to add support for mainstream cryptocurrency later. The wallet also supports NFT support, which allows users to check and register their NFTs.
LG has not been the first to enter the wallet industry. LG Pay was launched in 2019 by the company. It is a digital wallet that makes payments using Visa and Mastercard networks.
The launch of this new wallet comes on the heels of a newfound interest in crypto on LG’s part. LG announced blockchain technology during its March General Shareholder Meeting. It also included the potential business extension of the blockchain sector, which includes the sales and development of software based on blockchain.
Samsung and LG are more involved in cryptocurrency development. With the release of its flagship Galaxy S10 line, Samsung launched its first cryptocurrency wallet. The company recently signed a memorandum of understanding to build an NFT ecosystem, and also launched its own metaverse experience, called “Space Tycoon.”
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