Summary:
- New Crypto Wallet: South Korean tech giant Naver has introduced its first-ever crypto wallet, Naver Pay Wallet, in collaboration with blockchain platform Chiliz.
- Partnership Details: Chiliz, a blockchain focused on fan tokens, is the inaugural blockchain for the wallet, which is accessible to over 33 million Naver users.
- Naver’s Reach: Naver, the most popular search engine in South Korea, had 1.7 billion visits last month, making it the country’s most visited website.
- Naver Pay: The wallet is managed by Naver Pay, which has over 97,000 merchant users.
- Beta Features: The non-custodial wallet, currently in beta, allows users to hold both cryptocurrencies and NFTs, with future integrations planned for DApps, fan tokens, and merchant loyalty programs.
South Korean tech conglomerate Naver, often referred to as “the Google of South Korea,” has made its entry into the cryptocurrency space by launching its first-ever crypto wallet, Naver Pay Wallet. This significant development comes in partnership with Chiliz, a layer-1 blockchain that specializes in supporting fan tokens.
Chiliz announced its role as the inaugural blockchain for Naver Pay Wallet in an August 29 post on X, highlighting that the new wallet is available to over 33 million users of Naver, South Korea’s most popular search engine. Naver’s reach is vast, with the platform recording 1.7 billion visits last month, according to Similarweb, making it the most visited website in the country.
The Naver Pay Wallet is managed by Naver Pay, a subsidiary of Naver that serves over 97,000 merchant users. The wallet is currently in its beta phase and is designed as a non-custodial wallet, meaning that users will retain full control of their private keys. This feature ensures that users can securely store and manage both cryptocurrencies and non-fungible tokens (NFTs).
Naver’s move into the crypto space is significant, given its influence in South Korea’s digital landscape. The introduction of the Naver Pay Wallet is expected to have a substantial impact, particularly as the company plans to expand its functionality in the near future. Alexandre Dreyfus, CEO of Chiliz, hinted at upcoming features, including integrations with decentralized applications (DApps), fan tokens, and a merchant loyalty program.
As Naver continues to innovate and expand its digital offerings, the Naver Pay Wallet represents a key step in bridging the gap between traditional online services and the burgeoning world of blockchain and cryptocurrencies. This initiative is likely to attract a wide range of users, from crypto enthusiasts to everyday consumers, further cementing Naver’s role as a leader in South Korea’s tech ecosystem.
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