In an effort to expand its blockchain business, the giant LG Electronics is about to launch a cryptocurrency wallet dubbed “Wallypto”. This wallet will initially be based on the Hedera Hashgraph (HBAR) network.
LG goes with Hedera Hashgraph
South Korean technology giant LG Electronics has just revealed “Wallypto”, a digital wallet that will soon be available to the public (by the end of the year at the latest).
Based on the Hedera Hashgraph (HBAR) network, this wallet, which comes in the form of a mobile application, should quickly support other networks in order to become multi-chain.
Thus, upon its release, Wallypto will start by supporting non-fungible tokens (NFT) and assets created on Hedera Hashgraph, namely its native cryptocurrency (HBAR) and HST tokens.
This choice is not by chance, as LG has been a member of the Hedera Hashgraph governance board since May 2020, alongside other major companies such as EDF, Deutsche Telekom, Boeing, IBM and Google.
In its release, LG briefly mentions the application possibilities of Wallypto:
“It is also expected to actively create synergy effects, combining blockchain technology with our existing core businesses such as home appliances and the electronics industry.”
These words hint at LG’s desire to develop the Internet of Things (IoT) combined with blockchain technology. It remains to be seen what real applications Wallypto will offer.
At first glance, this wallet will not target individuals wishing to buy cryptocurrencies and take advantage of staking or other ways to generate passive income. If that’s what you’re looking for, the ZenGo wallet will fit the bill perfectly.
Soon to be a blockchain ecosystem at LG?
This isn’t the first time LG has developed products related to the blockchain industry.
Earlier this year, certainly in response to rival Samsung, LG announced that it would be integrating NFT-related features into its line of connected TVs.
Last July, the South Korean giant actually filed a trademark application for an entity called LG ART LAB, claiming the intention to offer:
- software for issuing and trading NFTs from a TV set;
- software for cryptocurrency transactions from a TV set.
For now, LG has not communicated further about the trademark filing, but the arrival of Wallypto could well change things for the company’s Web3 ecosystem.