SK Telecom, AhnLab Blockchain Company, Atomrigs Lab develop wallet

From left: Senior Vice President of SK Telecom Oh Se-hyeon; AhnLab Blockchain Company CEO Kang Suk-kyoon; Atomrigs Labs managing partner and co-founder Bae Kyoung-il [SK TELECOM]

SK Telecom, AhnLab Blockchain Company and Atomrigs Lab agreed to co-develop a digital asset wallet service, the telecom company said on Monday.

The digital wallet will be able to carry various types of digital assets, such as cryptocurrencies, non-fungible tokens and other blockchain-driven tokens that can be used for identity verification, according to SK Telecom.

The digital wallet service will be based on Seoul-based start-up Atomrigs Lab’s digital wallet technology. SK Telecom and AhnLab Blockchain Company will monitor the development and operation of the service products.

Pangyo, Gyeonggi-based AhnLab Blockchain Company is the antivirus software company AhnLab’s blockchain subsidiary founded in April. Atomrigs Lab, established in 2018, specializes in blockchain-related services.

The new digital wallet service will be powered by Atomrigs Labs Secure MPC encryption technology.

“The online environment is changing into the Web3 era, where the user owns and manages all the data,” said Oh Se-hyeon, head of SK Telecom’s digital assets unit. “This joint project of Web3 digital wallet will be a crucial starting point for SK Telecom’s response to the Web3 market.”

Web3, or Web 3.0, is third generation Internet technology, characterized by user ownership of data. Web 1.0 was focused on one-way communication of information from the web site to the user, while Web 2.0 was characterized by two-way communication through a centralized platform on the Internet.

AhnLab Blockchain Company “will use various core technologies from us, such as multi-platform support for ABC Wallet, which is currently under development, and security threat response technology, for the joint project,” said AhnLab Blockchain Company CEO Kang Suk-kyoon.

“Personal wallets hinder the expansion of the blockchain ecosystem because it is very difficult to make them safe and convenient to use at the same time,” said Atomrigs Lab CEO Cheong Woo-hyeon. “I am confident that this collaboration will serve as an important opportunity to popularize decentralized personal wallet.”

The companies held a signing ceremony on Monday at AhnLab Blockchain Company’s headquarters in Seongnam, Gyeonggi, on Monday.

BY SHIN HA-NEE [[email protected]]