South Korean tech giant LG Electronics is preparing to launch a Wallypto cryptocurrency wallet based on the Hedera Hashgraph network in the third quarter of 2022. Reported by Haber1.

In August, the company began beta testing the app as the final stage of verification.

According to the publication, LG has registered the wallet’s name and logo as trademarks in Korea and abroad.

Initially, Wallypto supports Hedera-based HTS and NFT tokens. After the official release, developers are expected to expand the list of integrated networks and assets.

Journalists recalled that in March, the company included “the development and sale of blockchain-based software” in its founding documents.

According to them, the new direction could create a synergy effect with the company’s core activities such as home appliances and electronics. Possibly, it will be able to interact with the wallet IoTDevices built on the LG ThinQ platform.

“From an electronics manufacturer’s point of view, it’s more than anyone interested in the payment system because they can check it out and get high-quality data,” said Kim Seung-joo, a professor at the Information Security Institute. Korea University.

He emphasized that such information is extremely useful for developing new business models and services.

Recall that in 2019 LG Electronics filed a patent application for a crypto wallet and announced the production of blockchain smartphones. The company exited the mobile device market in 2021.

Following Samsung in January 2022, LG introduced a number of smart TV models with NFT support. The company has also partnered with a division of the auction house Seoul Auction to implement projects in the digital collectible assets space.

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