South Korea’s SK Telecom to build its first Web3 wallet

ByMabel R. Acton

Jul 12, 2022 , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

SK Telecom has partnered with blockchain firms AhnLab Blockchain Company and Atomrigs Labs to produce and work a electronic wallet for cryptocurrency management and Web3 access, the South Korean telecommunications large declared on Monday. 

See connected short article: South Korea’s next-major conglomerate to issue very own cryptocurrency

Quickly points

  • SK Telecom said buyers of its wallet will be able to keep, transfer and acquire blockchain-issued tokens these as cryptocurrencies, non-fungible tokens (NFTs) and “soulbound tokens” (SBTs), which are long-lasting, non-transferable NFTs for verifiable identifications and certificates.
  • SK Telecom owns more than 47% of all mobile communications people in South Korea as of 2021, according to Korea Info Culture Growth Institute (KISDI).
  • The telecommunications arm of conglomerate SK Group also operates its possess metaverse, Ifland, which has a month to month common consumer foundation all-around 1.1 million folks. 
  • SK Group’s information and facts technological innovation financial investment subsidiary, SK Sq., has been operating on its own cryptocurrency that is meant to be used within just SK’s Net3 network.

See associated write-up: Are we helpless against attacks on blockchain bridges?