South Korean tech giant Naver has launched its first cryptocurrency wallet, named Naver Pay Wallet, in collaboration with the sports-centric blockchain network Chiliz. This new initiative marks a significant step, as the wallet is now accessible to over 33 million Naver users. Chiliz, recognized for its support of fan tokens, announced on August 29 that it was chosen as the initial blockchain network for the wallet.
Partnership Highlights
Often referred to as the “Google of South Korea,” Naver operates the nation’s leading search engine. According to Similarweb, Naver was the most visited website in South Korea last month, boasting 1.7 billion visits. The new wallet, managed by Naver’s subsidiary Naver Pay, aims to leverage blockchain technology for benefits and loyalty rather than traditional cryptocurrency transactions. This was emphasized by Chiliz founder and CEO Alexandre Dreyfus in a conversation with TechCrunch.
Currently in its beta phase, the Naver Pay Wallet is non-custodial, meaning users retain control of their private keys. It supports both cryptocurrencies and NFTs and plans to integrate decentralized applications (DApps), fan tokens, and a user loyalty program in the future. The primary target audience comprises tech-savvy individuals already using Naver Pay and showing interest in blockchain technology across sports, entertainment, and crypto assets.
Key Takeaways for Users
– Over 33 million Naver users can now access the Naver Pay Wallet.
– The wallet is non-custodial, letting users retain their private keys.
– Future updates will include DApps, fan tokens, and loyalty programs.
– Naver Pay Wallet focuses on blockchain technology for benefits and loyalty rather than typical crypto transactions.
– Naver may support more blockchain networks in the future.
Although Chiliz is the initial blockchain supporting the wallet, Naver’s CEO hinted at potential expansions to include a wider array of blockchains. This launch follows Naver’s earlier transition into cryptocurrency with its messaging app LINE, beginning in Japan in 2011. LINE, which still holds ties to Naver, is now preparing to integrate mini DApps following the mainnet launch of the Kaia blockchain ecosystem.
LINE’s Kaia ecosystem came into being through the merger of LINE’s Finschia blockchain and the Klaytn network developed by major South Korean social app producer Kakao. This merger took place in February, setting the stage for the latest advancements in crypto technology within the messaging app.
In summary, Naver’s entry into the crypto wallet market through its partnership with Chiliz highlights its strategic move towards integrating blockchain technology for enhanced user benefits and loyalty programs. This development is a promising addition to South Korea’s rapidly evolving tech landscape.