A South Korean technology company, LG Electronics has applied for a patent for its crypto wallet application, which it is currently beta testing. The application was filed with the US Patent and Trademark Office. The digital asset wallet project, which the company calls Wallypto, will provide many opportunities to users.
At the beginning of the features of the wallet, the crypto money storage service is the most prominent feature. Wallypto is also expected to offer its cryptocurrency exchange service to its users. A South Korean source made a claim about when the wallet will be released publicly:
"After the systemic problems experienced during the beta process are resolved, the Wallypto wallet is expected to be released by the end of the year at the latest."
Wallet to operate on Hedera (HBAR)
The wallet is allegedly being built on the Hedera (HBAR) technology because of LG’s membership in the governing council but will approve more currencies in the foreseeable future. LG electronics is popular for smart TVs that support digital experience and has moved to bring blockchain experiences to the real-world using decentralized identity technology. In 2019, It launched a Visa and Mastercard LG payment.
LG invests in blockchain space
LG Electronics's moves in the blockchain and digital asset space are not limited to crypto wallets. As a result of a meeting held in March, the company decided to make improvements in the Web3 field.
LG Electronics is not the only tech giant in South Korea that is diving into the crypto world. Its closest rival, Samsung, has moved aggressively to take the lead in the electronics market by launching Galaxy 10 series that support the NFT and metaverse world and has launched a wallet function for its Galaxy line of smartphones, and a TV that supports non-fungible tokens.