Thu 01 Sep 2022 ▪ 2:00 p.m. ▪
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Admittedly, the crypto winter has created panic among some investors, but it will not prevent the expansion of crypto assets. Not a day goes by without learning about new contributions from economic and financial players to the democratization of cryptocurrencies. At the beginning of September, we learned that LG Electronics has decided to take the plunge into this universe.
LG Electronics launches its crypto wallet
“Wallypto” is the name of the new application that LG Electronics intends to launch publicly within a few weeks. Forkastwhich has closely followed the development of the South Korean multinational’s interest in Web 3.0, mentioned that its developers are beta testing the crypto wallet right now.
During an interview with local media, an LG official revealed some details about the project. According to him, Wallypto does not yet have a very specific practical use. However, the LG team sees this device as a taste of everything the company is preparing for future blockchain exploitation.
Also, it has been reported that Wallypto may be linked to LG-branded electronic devices. This will especially be the case for products built on LG ThinQ, LG Electronics’ IoT (Internet of Things) platform.
Note also that Wallypto was built on the Hedera Hashgraph blockchain. This enables support for Hedera’s HTS tokens. As the project progresses, other tokens will expand the list of assets associated with this portfolio.
A Web3 payment platform signed LG CNS and Danal
This is not LG’s first attempt to democratize cryptocurrencies. Indeed, last July, LG CNS, a subsidiary of LG Corporation, joined forces with Danal to set up the “Danal One Payment Platform”.
Their common goal is to create a payment network that can support Web3-related digital asset payments. Thus, it will be easy for users who hold cryptocurrencies, NFTs, etc. to make payments via their credit card or mobile phone.
NFTs are already part of its ecosystem
At the beginning of the year, Forkast mentioned a plan by LG Electronics to integrate NFT technology. An initiative that came as no surprise given that Samsung had just presented its new range of smart TVs a few days earlier. Enough to promote digital works of art to households via the screen.
In July, Cointelegraph also returned to a new press release from LG Electronics relating business development objectives strongly correlated with cryptocurrencies and blockchain. On occasion, the bosses of this South Korean company mentioned:
- the development and sale of blockchain-based software;
- the sale and brokerage of cryptocurrencies.
With 20 billion dollars in sales from sales of household appliances, LG Electronics will not be able to remain unmoved by emerging technologies. And the seriousness displayed by his team allows us to deduce that not only cryptos and NFTs have value in their eyes, but also that they are already planning to incorporate them into their ecosystem.
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The blockchain and crypto revolution is underway! And the day when the impacts will be felt on the most vulnerable economy of this World, against all hope, I will say that I had something to do with it