LG Electronics to Launch Crypto Wallet Later This Year

South Korean electronics giant LG has announced that it is in the process of developing a cryptocurrency wallet to launch later this year.

LG Electronics is currently developing a cryptocurrency wallet app that it will launch later this year. The wallet is to be called Wallypto and will be part of a new business phase for the company. The firm recently abandoned its mobile hardware business and pivoted to software solutions. The wallet will only support Hedra Hashgraph assets at launch.

According to local South Korean news agency News 1, the application will help the electronics giant to enter the blockchain space in earnest. The announcement reads:

It is also expected to actively create synergy effects by combining blockchain technology with existing flagship businesses such as home appliances and electric fields.

It is expected that developers will conduct a beta test on Wallypto later this month. The report added:

After going through the final verification process to catch system errors, it is likely to be released in the third quarter at the earliest or within the year at the latest.

Wallypto will be powered by the Hedra Hashgraphy blockchain and will support HTS tokens. It is expected that the wallet will incorporate more cryptocurrencies upon its release. NFT support will also be included, as the wallet will allow users to register and check their NFTs.

The launch of Wallypto follows on the heels of LG’s newfound interest in crypto. During the company’s latest shareholder’s meeting, LG introduced blockchain technology as part of its business focus, including the sector of development and sales of blockchain-based software as part of its possible business extensions.

The company also announced plans to install an NFT platform on its televisions earlier in the year at CES 2022, the world’s largest home appliance and IT exhibition.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.