LG Electronics to Launch Hedera-based Crypto Wallet

LG Electronics to Launch Hedera-based Crypto Wallet

The South Korean electronics giant LG is currently developing a cryptocurrency wallet app that will be launched later this year. The wallet is named Wallypto and will be part of a new business division for the company. The company has recently abandoned its mobile hardware business and moved to software solutions. Wallypto will support only Hedera hashgraph assets on launch.

LG to Enter Crypto Wallet Business

More and more technology and traditional finance companies are investing in crypto-based businesses and operations. The South Korean electronics giant LG is entering the cryptocurrency service business. According to media reports, the company is developing a new software cryptocurrency wallet, Wallypto.

This development is part of the company’s strategy to diversify its product portfolio as it moves on to include new activities. LG abandoned its mobile hardware division in July 2021 and is now moving to software and other platforms.

The wallet is currently in testing phases and will be launched later this year. It is likely to be linkable with LG appliances to make payments for certain services. Kim Seung-Joo, a Professor at the School of Information Security at the University of Korea, said this would allow the company to design new and better service and product strategies.

Wallypto will support only Hedera Hashgraph-based tokens at first and will include support for other mainstream cryptocurrencies later. NFT support is also included, as the wallet will allow users to register and check their NFTs.

This is not the first attempt by LG in the wallet business. The company launched LG Pay in 2019, a digital wallet that uses the Visa and MasterCard networks to make payments.

Blockchain Focused

The launch of this new wallet indicates LG’s newfound interest in the crypto sector. During the last general shareholders meeting in March, LG introduced blockchain technology as a core focus area. This includes the development and sale of blockchain-based software solutions.

LG rivals, such as Samsung, have been more active when it comes to Web3 and crypto sector developments. Samsung introduced its first cryptocurrency wallet in 2019 with the launch of its flagship Galaxy S10 series. The company recently signed a memorandum of understanding to build an NFT ecosystem and also launched its own metaverse experience, called "Space Tycoon."