Crypto: Wallypto, a wallet for LG fans!

Thu 01 Sep 2022 ▪ 2:00 PM ▪

4
min read – by
Mikaia ANDRIAMAHAZOARIMANANA

Admittedly, the crypto winter has caused panic among some investors, but it will not prevent the expansion of crypto assets. Not a day goes by without learning about new contributions from economic and financial players to the democratization of cryptocurrencies. In early September, we learned that LG Electronics has decided to take the plunge into this universe.

LG Electronics launches its crypto wallet

“Wallypto” is the name of the new application that LG Electronics plans to launch publicly in a few weeks. Forkast, who has been closely monitoring the development of the South Korean multinational’s interest in Web 3.0, said its developers are beta-testing the crypto wallet.

During an interview with local media, an LG official revealed some details about the project. According to him, Wallypto has no very specific practical use yet. However, the LG team sees this device as a preview of everything the company is preparing for future blockchain exploitation.

It has also been reported that Wallypto may be linked to LG branded electronic devices. This will be especially true for products built on LG ThinQ, LG Electronics’ Internet of Things (IoT) platform.

Also note that Wallypto is built on the Hedera Hashgraph blockchain. This enables support for Hedera’s HTS tokens. As the project progresses, other tokens will expand the list of assets associated with this portfolio.

wallypto-hedera-lg

A Web3 payment platform signed LG CNS and Danal

This is not LG’s first attempt at democratizing cryptocurrencies. Indeed, last July, LG CNS, a subsidiary of LG Corporation, joined forces with Danal to set up the “Danal One Payment Platform”.

Their common goal is to create a payment network that can support Web3-related digital asset payments. So it will be easy for users who have cryptocurrencies, NFTs, etc. to make payments through their credit card or mobile phone.

NFTs are already part of the ecosystem

Earlier this year, Forkast announced a plan by LG Electronics to integrate NFT technology. An initiative that came as no surprise as Samsung had presented its new range of smart TVs a few days earlier. Enough to promote digital artworks to households via the screen.

In July, Cointelegraph also returned to a new press release from LG Electronics regarding business development goals that are highly correlated with cryptocurrencies and blockchain. Occasionally the bosses of this South Korean company said:

  • the development and sale of blockchain-based software;
  • the sale and brokerage of cryptocurrencies.

With $20 billion in revenue from the sale of home appliances, LG Electronics will not be unaffected by emerging technologies. And from the seriousness of his team, we can infer that not only do cryptos and NFTs have value in their eyes, but they are already planning to incorporate them into their ecosystem.

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Mikaia ANDRIAMAHAZOARIMANANA avatar
Mikaia ANDRIAMAHAZOARIMANANA

The blockchain and crypto revolution is underway! And the day the impact will be felt on the world’s most vulnerable economy, against all odds, I’ll say I had something to do with it

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