The South Korean electronics giant LG is currently working on a cryptocurrency wallet app. It will launch later in the year. Wallypto is the wallet. It will be part of a new phase in the company’s business. The company recently sold its mobile hardware business to focus on software solutions. Wallypto will only support Hedera Hashgraph assets upon launch.
Tech and traditional finance firms are increasingly investing in crypto-based operations and businesses. LG, the South Korean tech conglomerate is entering the cryptocurrency service market.
According to reports sourced from local media, the company has developed a new software cryptocurrency wallet called Wallypto.
South Korean technology maker LG to join the crypto market
As the company pivots to new activities, this is part of its strategy to diversify their product portfolio. LG has now moved to software over its mobile hardware division in July 2021.
The wallet is currently being tested and will launch later in the year. It may be linked with LG appliances to allow for payments for certain services. Kim Seung-joo is a professor at The School of Information Security at The University of Korea.
This would enable the company to develop new service and product strategies.
Wallypto initially supports only Hedera Hashgraph tokens. Later, Wallypto will add support for mainstream cryptocurrencies. The wallet also supports NFT support, which allows users to register and verify their NFTs.
LG isn’t the first to venture into the wallet sector. The company launched its first cryptocurrency wallet. The company recently signed an memorandum to create an NFT ecosystem and launched their own metaverse experience called “Space Tycoon.