LG, the South Korean electronics giant, is currently developing a cryptocurrency portfolio app that will be launched later this year. The wallet, called Wallypto, will be part of a new business phase for the company, which recently abandoned its mobile phone business and focused on software solutions. Wallypto will only support Hedera Hashgraph assets at launch.
LG to enter cryptocurrency portfolio business
More and more technical and traditional finance companies put money behind crypto-based business and operations. LG, South Korean Technology Group, is involved in cryptocurrency service. According to reports from local media, the company is developing a new cryptocurrency portfolio called Wallypto.
This development is part of the company’s strategy to diversify its product portfolio, centred around the inclusion of new activities. LG abandoned its mobile department in July 2021, and is now moving to other software and platforms.
The portfolio, which is currently in the testing stages, will be launched later this year and may be connected to LG devices to make payments for certain services. According to Kim Seung Jo, a professor at Korea University’s School of Information Security, this will allow the company to design new and better service strategies and products.
When it comes to backed assets, Wallypto will only support Hedera Hashgraph-based codes initially, and will include other mainstream cryptocurrency support later. NFT support is also included, as the wallet will allow users to register and verify their NFTs.
This is not LG’s first endeavor in the portfolio sector. The company launched LG Pay in 2019, a digital portfolio that uses Visa and Mastercard networks to make payments.
The launch of this new portfolio follows a new interest in encryption by LG. During the last shareholder general meeting in March, LG introduced blockchain technology as part of its business focus, including the blockchain-based software development and sales sector as one of its potential business extensions.
LG competitors, such as Samsung, have been more active when it comes to Web3 and cryptocurrency developments. Samsung introduced its first cryptocurrency portfolio in 2019, with the launch of the flagship Galaxy S10 series. The company recently signed a memorandum of understanding to build an NFT ecosystem, and also launched its own metaverse experiment, called “Space Tycoon.”