all about cryptop referances
LG, the South Korean electronics giant, is currently developing a cryptocurrency wallet app that will launch later this year. The wallet, called Wallypto, will be part of a new business phase for the company, which recently exited its mobile hardware business and moved into software solutions. Wallypto will only support Hedera Hashgraph assets at launch.
More and more technology and traditional financial companies are putting funds behind crypto-based businesses and operations. LG, the South Korean technology conglomerate, is entering the cryptocurrency service business. According to local media reports, the company is developing a new cryptocurrency software called Wallypto.
This development is part of the company’s strategy to diversify the product portfolio, as it involves including new activities. LG exited its mobile hardware division in July 2021, and is now moving into software and other platforms.
The wallet, which is currently in testing phases, will be launched later this year and can be connected to LG appliances to make payments for certain services. According to Kim Seung-joo, a professor at the School of Information Security at the University of Korea, this would allow the company to design new and better service and product strategies.
When it comes to supported assets, Wallypto will only support Hedera Hashgraph-based tokens initially, and will include support for other mainstream cryptocurrencies later on. NFT support is also included, as the wallet will allow users to register and check their NFTs.
This is not LG’s first foray into the wallet sector. The company launched LG Pay in 2019, a digital wallet that uses the Visa and Mastercard networks to make payments.
The launch of this new wallet comes on the heels of a newfound interest in crypto on LG’s part. During the last general meeting in March, LG introduced blockchain technology as part of its business focus, including the sector of developing and selling blockchain-based software as one of its possible business expansions.
LG rivals, such as Samsung, have been more active 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 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.
Image credit: Shutterstock, Pixabay, Wiki Commons, JPstock / Shutterstock.com
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or an endorsement or recommendation of products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is directly or indirectly responsible for damages or losses caused or alleged to be caused by or in connection with the use of or reliance on content, goods or services mentioned in this article.
