LG, the South Korean electronics giant, has announced that it is working on a cryptocurrency wallet that will be available later this year.
LG is working on a Crypto Wallet to be released later this year
LG Electronics is currently working on a cryptocurrency wallet app that will be released later this year. The wallet will be called Wallypto and part of the company’s new business phase. The company recently abandoned its mobile hardware business and shifted its focus to software solutions. At first, the wallet will only support Hedra Hashgraph assets.
According to South Korean news agency News 1, the application will assist the electronics behemoth in its foray into the blockchain space. According to the announcement:
Combining blockchain technology with existing flagship businesses, such as home appliances and electric fields, is also anticipated to create synergy effects actively.
Wallypto will be beta tested later this month, according to developers. According to the report:
It is expected to be released in the third quarter at the earliest, or within the year at the latest, after going through the final verification process to catch system errors.
Wallypto will use the Hedra Hashgraphy blockchain and will accept HTS tokens. When it is released, it is expected that the wallet will support more cryptocurrencies. In addition, the wallet will also include NFT support, allowing users to register and check their NFTs.
The launch of Wallypto coincides with LG’s renewed interest in cryptocurrency. LG introduced blockchain technology as part of its business focus during the company’s most recent shareholder meeting, including the sector of development and sales of blockchain-based software as one of its possible business extensions.
Earlier this year, the company announced plans to install an NFT platform on its televisions at CES 2022, the world’s most significant home appliance and IT exhibition.