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A subsidiary of one of South Korea’s largest conglomerates is entering into the crypto space. LG Electronics, which is part of the country’s fourth-largest chaebol LG Corp., is getting into the crypto service business by offering a crypto wallet.
Many traditional finance and tech companies are starting to offer crypto and blockchain-based services and products to their clientele. The latest to join this trend is the South Korean tech company LG Electronics which announced plans to introduce a crypto wallet called Wallypto, according to local news outlet New21.kr.
The crypto wallet is currently undergoing testing. LG plans to release the Wallypto later this year and might carry a feature that will enable LG appliances to make payments for specific services, Bitcoin.com reported. Kim Seung-joo, a professor at the University of Korea's School of Information Security, said the move would enable the company to develop fresh and improved services and product strategies.
The Wallypto crypto wallet will initially only support Hedera Hashgraph-based tokens but will eventually include support for other widely used cryptocurrencies. Support for NFTs is also provided, and users will be able to register and check their NFTs using the wallet.
This crypto-focused development by LG Electronics is part of the company’s strategy to diversify its product offerings. In July 2021, LG discontinued its mobile hardware business and the company is currently concentrating on software and other platforms.
The introduction of this new wallet follows LG's recent newfound interest in cryptocurrencies. In March’s general shareholders' meeting, LG said that it will be focusing on the development and sales of blockchain-based software as one of its possible business extensions.
The company’s competitors, including Samsung, have been more involved in Web3 and cryptocurrency technologies. With the release of its flagship Galaxy S10 series in 2019, Samsung unveiled its first cryptocurrency wallet. The corporation has developed its own metaverse experience named "Space Tycoon" and signed a memorandum of understanding to create an NFT ecosystem.
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