The wallet, which is likely to be launched at the end of the current quarter, seeks to introduce LG into the cryptocurrency storage space.

According to an application filed in front of the United States Patent and Trademark Office, the wallet will be a unique computer program that can be downloaded to be used as a digital wallet.

LG has applied for a patent and registered a trademark with the name “Wallypto”.

According to sourceThe wallet will manage and verify cryptocurrency transactions using blockchain technology.

LG has been silent about the media’s stimulus, its ongoing reporting, and the preparation of the yet-to-be-launched Wallypto wallet.

A report issued by “News 1” in South Korea confirmed the development, saying that LG will provide the wallet in front of non-fungible tokens as well.

Read:Cardano founder: Ethereum 2.0 will not be launched before 2023, and is likely to be launched in 2024

What blockchain will LG Wallet work on?

The wallet is allegedly built on Hedera (HBAR) technology due to LG’s board membership but will approve more coins in the near future.

LG Electronics is known for its digital experience-enabled smart TVs and has moved to bring blockchain experiences to the real world using decentralized identity technology.

For your information, LG is not the only technology giant in South Korea that is diving into the world of crypto.

Its closest competitor, Samsung, has already moved aggressively to take the lead in the electronics market by launching the Galaxy 10 series that supports NFT and the world of metaverse, and launched the digital wallet function for Galaxy phones and a TV that supports NFT tokens.

Read:How does blockchain technology play a role in serving the global and local economy?

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