The South Korean electronics firm, LG is currently working on a crypto wallet app that it plans on rolling out later this year.
Named Wallypto, the crypto wallet would be a part of the company’s new business plan, as it had recently moved out of its mobile hardware business.
Instead, the company has shifted its focus towards software solutions. According to the details provided, LG’s crypto wallet would only offer support to Hedera Hashgraph assets at the time of its launch.
LG dips its toes into crypto
An increasing number of traditional finance and technology companies are dipping their toes into the crypto market recently.
One of the latest companies to jump onto the bandwagon is the renowned South Korean tech conglomerate, LG.
It has also decided to try its luck with crypto services and local media reported that the company is developing its own crypto wallet that it has chosen to name Wallypto.
This move of the company is part of its strategy to create a diversified product portfolio, as it is trying to add new activities to the mix.
Last year in July, the company announced that it was shutting down its mobile hardware business and has chosen to move to other platforms and software.
As of now, LG is still testing Wallypto and a launch is expected later this year. It is possible that the company may decide to link it with its appliances to help people in paying for certain services.
Market experts said that such a move would be immensely helpful for LG because it would be able to develop better and new product and service strategies.
As far as assets are concerned, the wallet will initially support tokens based on Hedera Hashgraph, and support for other cryptocurrencies will be incorporated later on.
The wallet will also offer NFT support, as users will be permitted to register and check their NFTs. This is not the first time that LG has ventured into the wallet space.
In 2019, it also introduced LG Pay, which is a digital wallet used to make payments via Visa and MasterCard.
Focus on blockchain
The development of the wallet is not the only crypto aspect that LG has focused on. In March, the company had its latest general shareholders meeting.
This was when it revealed that blockchain technology was also a part of its strategy, as it was exploring the possibility of developing and selling software based on the technology in order to expand its business.
The company’s competitors, such as Samsung Electronics, have proven to be quite active in terms of crypto and Web3 developments.
A crypto wallet was launched by Samsung with its flagship Galaxy S10 series back in 2019. A memorandum of understanding was also recently signed by the company for building an ecosystem for NFTs.
In addition, it also introduced its own metaverse experience recently, which has been named ‘Space Tycoon’.
Suffice it to say that LG has a lot of catching up to do.