Major South Korean telecom company plans launch of blockchain wallet for crypto and NFTs

Published at: July 11, 2022

South Korean telecommunications giant SK Telecom has signed a joint agreement with other blockchain firms aimed at developing a digital wallet that can support cryptocurrencies, nonfungible tokens and digital credentials.

In a Monday announcement, SK Telecom said its blockchain arm would be collaborating with AhnLab Blockchain Company and Atomix Lab to develop and operate a Web3 wallet. According to the firm, it will be using Soulbound Tokens, or SBTs, to verify credentials seemingly including memberships and certifications in addition to being capable of storing digital assets.

Atomix Lab will use secure multiparty computation encryption for the blockchain wallet, after which time the firm will stay on for technical support, while SK Telecom and AhnLab Blockchain Company “take over the operation.” According to Atomix Lab CEO Woo-Hyun Jung, the “biggest obstacle to the expansion of the blockchain ecosystem is the personal wallet,” and the project plans to balance security and convenience.

SKT가 '웹3 지갑' 개발을 위해 안랩블록체인컴퍼니, 블록체인 전문기업 아톰릭스랩과 협력합니다. 웹3 지갑은 사용자가 블록체인 네트워크 상에서 발행된 다양한 유형의 토큰을 저장·전송·수신할 수 있는 디지털 자산 지갑입니다. ▶https://t.co/bi8SIDKK2M#SK텔레콤 #블록체인 pic.twitter.com/HFGCl3cIN8

— SK telecom (@SKtelecom) July 11, 2022

As one of the largest mobile operators in South Korea, SK Telecom introducing a user-friendly crypto wallet could have implications for adoption in the country. As of December 2021, roughly 30 million people in South Korea have mobile subscriptions through SK Telecom — roughly 58% of the total population. In 2020, the company also launched a wallet for blockchain-powered digital certificate storage aimed at addressing ​​certifications amid the pandemic.

Related: South Korea ramps up crypto investigations and regulations

Terraform Labs’ South Korea-based headquarters have been central in the discussions around the crypto market downturn since May, following TerraUSD (UST) — now TerraUSD Classic (USTC) — depegging from the U.S. dollar and the price of Terra (LUNA) — now Terra Classic (LUNC) — dropping significantly. Co-founder and CEO Do Kwon relaunched the Terra network in May with a new chain but has also reportedly faced inquiries from South Korean regulators and authorities.

Tags
Business
Cryptocurrencies
Wallet
South Korea
Related Posts
Coinone will stop withdrawals to unverified external wallets
South Korean crypto exchange Coinone has announced it plans to no longer allow withdrawals of tokens to unverified external wallets starting in January. In a Wednesday announcement, Coinone said users would have from Dec. 30 to Jan. 23 to register their external wallets at the exchange, after which time it would restrict withdrawals. The exchange specified that crypto users could only register their own wallets, and the verification process “may take some time” and could change in the future. According to Coinone, it planned to verify users’ names and resident registration numbers — issued to all residents of South Korea …
Business / Dec. 29, 2021
Scammers mail out fake hardware wallets to victims of Ledger data breach
The consequences of Ledger’s major data breach continue to be felt almost a year later. One contributor to the r/Ledgerwallet forum on Reddit, writing under the tag u/jjrand and self-identified as one of those affected by the breach, has posted images of what appears to be a fake Ledger Nano X wallet received in the mail. Wrapped in seemingly authentic packaging, the device nonetheless included several tell-tale signs that sparked the contributor’s suspicion. Most jarringly, the package came together with a poorly written letter claiming to be signed by Ledger CEO Pascal Gauthier, telling its recipient: “For security purposes we …
Business / June 17, 2021
Singapore Carpooling App Ryde Launches Wallet for BTC Payments
Singaporean carpooling app Ryde announced the launch of its own cryptocurrency wallet which will facilitate Bitcoin (BTC) payments for its service. In an announcement shared with Cointelegraph on June 17, Ryde claims to be the first and only ride-hailing application to incorporate Bitcoin payments into its ecosystem. The firm’s customers will be able to use Bitcoin to pay their rides starting on June 22. Other cryptocurrencies will follow Ryde’s wallet, RydePay, will allow its users to convert Bitcoin into Ryde coins to top up their balance and pay for their rides. The conversion happens at market rates, with no fees …
Bitcoin / June 18, 2020
Unconfirmed: Crypto Startup Enjin to Back Rumored Samsung Galaxy S10 Blockchain Wallet
South Korean crypto company Enjin Wallet has reportedly been appointed by Samsung to back a blockchain wallet in its new Galaxy S10 smartphone, anonymous sources told Asia Crypto Today on Monday, Feb. 25. The anonymous interlocutors provided an image to the outlet that was purportedly posted by Tworld — Korea’s second largest telecom company. The screenshot shows the Enjin wallet being used in the Galaxy S10 for Ethereum (ETH) transactions. The image also features Enjin coin (ENJ) and Basic Attention Token (BAT) — an Ethereum-based token used in digital advertising. Enjin Wallet reportedly used in Samsung blockchain keystore. Source: asiacryptotoday.com …
Blockchain / Feb. 25, 2019
South Korea’s Kimchi premium turns to discount
South Korea’s "Kimchi premium" has flipped to a discount again, meaning cryptocurrencies such as Bitcoin are now cheaper to buy on South Korean exchanges. The phenomenon is named after the Korean dish kimchi. The Kimchi premium refers to when the price of Bitcoin (BTC) trades higher on South Korean exchanges than in other markets. According to data from blockchain analytics provider CryptoQuant, the Korea Premium index has been shifting between the -0.24 and 0.01 range between Feb 17 and 19. As of writing, data on CoinMarketCap shows BTC is trading at roughly $24,464 on Coinbase and $24,487 on Binance. In …
Bitcoin / Feb. 20, 2023