South Korean tech giant Naver is set to debut its first crypto wallet, Naver Pay Wallet, through a collaboration with the sports-centric blockchain platform Chiliz Chain.
The Chiliz team announced in an X post on August 30, 2024, that their blockchain would be the first platform Naver’s new wallet supports. They claim that this launch makes the wallet accessible to over 33 million Naver users.
Naver, often referred to as “the Google of South Korea,” operates the nation’s leading search engine. According to Similarweb, it was the most visited website in South Korea last month, with 1.7 billion visits.
“The Naver Pay Wallet is not intended to be just another crypto wallet but rather a service focused on utility and loyalty through blockchain technology,“
Chiliz founder and CEO Alexandre Dreyfus shared with TechCrunch.
Dreyfus stated that the target customers are “tech-savvy” individuals who already use Naver Pay digitally and are eager to explore blockchain technology, especially in the areas of sports, entertainment, and digital assets. He noted that currently in its beta phase, the non-custodial wallet allows users to retain control of their private keys and can store both cryptocurrencies and non-fungible tokens (NFTs).
Dreyfus also mentioned that additional features are on the way, including integrations with decentralised apps (DApps), fan tokens, and a merchant loyalty program.
While the Chiliz blockchain is the wallet’s initial platform, Dreyfus mentioned that Naver may expand support to include a broader range of blockchains in the future.
Naver’s announcement of its crypto wallet comes in handy as Japanese messaging giant LINE revealed plans to launch mini-decentralized applications (dApps) within its platform through a partnership with the UAE-based Kaia DLT Foundation. Announced on August 29, 2024, this initiative is part of the Kaia Wave program, aimed at supporting Web3 developers.
The Kaia DLT Foundation hopes to inspire developers to create mini dApps tailored for LINE’s vast user base across Japan, Taiwan, Thailand, and Indonesia. These dApps will be built using Kaia’s NEXT WEB software development kit and integrated directly into the LINE Messenger app.
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