South Korean tech giant LG Electronics is set to release Wallypto, a cryptocurrency wallet based on the Hedera Hashgraph network, in the third quarter of 2022. According to News1. The company began beta testing the app in August as the final phase of testing.
Wallypto – A Cryptocurrency Application
According to the publication, LG has registered the name and logo of the wallet as a trademark in South Korea and abroad. Wallypto natively supports Heder-based HTS and NFT tokens. Developers are expected to expand the list of integrated networks and assets after the official launch.
LG ThinQ Wallet
The reporter recalled that in March, the company listed “the development and sale of blockchain-based software” in its founding documents.
According to them, the new direction can create synergy with the company’s core businesses, such as home appliances and electronics. Presumably, the Wallet will be able to interact with IoT devices built on the LG ThinQ platform.
“From an electronics manufacturer’s perspective, they are more interested in the payment system than anyone else because they can control it and get high-quality data,” commented Kim Seung-ju, a professor at Korea University’s Graduate School of Information Security
LG Electronics – A Digital Collectibles Company
He emphasized that this information is very useful for developing new business models and services.
As a reminder, in 2019, LG Electronics filed a patent application for a cryptocurrency wallet and announced the production of a blockchain smartphone. The company exited the mobile market in 2021. In January 2022, LG will follow Samsung in launching a series of smart TV models with NFT.
The company has also partnered with auction house Seoul Auctions to pursue projects in the field of digital collectibles.
