A South Korean technology company, LG Electronics, has applied for a patent registration for its newly invented digital asset wallet code-named Wallypto which is currently being beta tested to limit system errors and crashes.
The wallet, which will probably be launched at the end of this quarter, seeks to introduce LG to the crypto storage space. According to an application filed before the United States Patent and Trademark Office, the wallet will be a unique downloadable computer software for use as a digital wallet.
LG applied for a patent and trademark registration for Wallypto
According to a USPTO application, the wallet will manage and verify cryptocurrency transactions using blockchain technology and will be under inventory management for cryptocurrency exchange. LG has remained silent about the media’s incessant prodding and reports and the yet-to-be-launched Wallypto. A report released by South Korea’s News 1 confirmed the development, saying it will introduce LG to blockchain Non-Fungible Tokens.
“After going through the final verification process to catch system errors, it is likely to be released in the third quarter at the earliest or within the year at the latest.” South Korea’s News 1 reported.
Wallet to operate on Hedera (HBAR)
The wallet is allegedly being built on the Hedera (HBAR) technology because of LG’s membership in the governing council but will approve more currencies in the foreseeable future.
LG electronics is popular for smart TVs that support digital experience and has moved to bring blockchain experiences to the real-world using decentralized identity technology. In 2019, It launched a Visa and Mastercard LG payment.
Shareholders endorsed LG crypto brokerage
In March, stakeholders of the company held an annual general meeting and endorsed the brokerage of cryptocurrency changes and entry towards Web3 developments.
LG is not the only tech giant in South Korea that is diving into the crypto world. Its closest rival, Samsung, has moved aggressively to take the lead in the electronics market by launching Galaxy 10 series that support the NFT and metaverse world and has launched a wallet function for its Galaxy line of smartphones, and a TV that supports non-fungible tokens.
BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.