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According to reports, LG is nearing the launch of a crypto wallet that may likely tie into its home appliance lineup.
LG Electronics is reportedly running a beta test of its crypto wallet for developers. Dubbed “Wallypto,” the Korean electronic giant’s crypto wallet application should launch before the end of the year. According to a report referenced by Blockchain News:
“After going through the final verification process to catch system errors, [Wallypto] is likely to be released in the third quarter at the earliest or within the year at the latest.”
Furthermore, the initiative also represents part of LG’s plans to expand its business scope to include platforms and software.
Wallypto will initially support non-fungible tokens (NFTs), as well as other digital assets built on the Hedera Hashgraph blockchain. However, reports state that the digital wallet will include other blockchain protocols following its launch. Part of the report with regards to Wallypto’s applicability reads:
“It is also expected to actively create synergy effects by combining blockchain technology with existing flagship businesses such as home appliances and electric fields.”
After decades of asserting itself in the traditional hardware space, LG looks to venture out into the virtual world. Earlier in the year, the multinational electronics company revealed that it would take on a slew of contemporary-evolving projects. These include blockchain, digital currencies, as well as medical devices. By opening up these new portfolios in its corporate charter, LG hopes to continue to thrive as a multinational business.
LG Crypto Wallet & Company Line of Electronic Hardware
Local media reported that LG may link its electronic appliances with the upcoming digital wallet. According to Forkast, these include “products built on the company’s Internet of Things (IoT) platform LG ThinQ.” However, the South Korean electronics giant did not confirm whether it intends to integrate Wallypto unto its existing range of products.
Earlier in the year, LG announced plans to incorporate NFT platform features into its line of smart televisions. This move followed a similar one taken by rival company Samsung Electronics, and altogether posits to make NFTs more available to households worldwide. This is because both LG and Samsung are two of the largest players in the global TV market. Furthermore, LG led the way in global sales of home appliances last year with 27.11 trillion Korean won, or $20 billion, in value.
So far, LG has also maintained its commitment to incorporate blockchain technology into its latest TV models and products. Furthermore, it also appears interested in the idea of doing the same with Wallypto. As explained by a representative of LG Electronics,“blockchain is one of our new businesses that we will continue to pursue. We have not decided on the exact direction of the usage of the Wallypto app, but we are preparing for a new market that is opening up.”
During a company annual general meeting back in March this year, LG shareholders approved new strategic blockchain objectives. In addition to the sale of blockchain-based software, LG is also looking at the brokerage and sale of crypto.