LG Is All Set To Enter Crypto Market

After launching LG pay in 2019, the company is all set to put its step into the crypto wallet field with its Wallypto crypto. LG pay was also a digital wallet but it was used for the master and visa cards payment.

LG is a South Korean technology hub that is quite popular for its electronic appliances and is finally planning to expand its business in the trending crypto market by releasing a crypto wallet Wallypto which will be operated on Hedera (HBAR). 

The wallet is aimed to introduce the company to the cryptocurrency storage market and is likely to be released at the end of this year.  An application submitted to the USPTO states that the wallet will be a special piece of computer software that will be downable and may be used as a digital wallet.

In July 2021, the LG company disabled its mobile hardware division after shutting down the LG pay, they are trying to enter into the software department along with expanding its business in trending technologies like Cryptocurrency and NFTs. 

In 2020, LG Electronics joined the Hedera governing council, which also includes Google, IBM, Deutsche Telekom, the Indian Institute of Technology, and other organizations. This marked the beginning of the relationship between Hedera and LG Electronics. Chris Jo, senior vice president, and head of platform business at LG informed the media that the development process of the Wallypto was active since September 2021. 

There is no proper announcement from the team about the release date and functionality of the wallet, the information about wallypto was released through a South Korean News channel, News1. The report mentioned that the “Wallet is currently in Beta testing mode from August month to look out for any possible errors, and is supposed to be released at the end of this year”. 

Releasing of LGArtLab

The company announced the successful release of LGArtLab on 5 September which is an NFT (Non-Fungible Token) platform. This platform will allow users to discover, buy, sell and trade NFTs on LG’s smart TVs directly. Hedera has shared the information on the launch of LGArtLab through a Twitter post. 

Tweet by Hedera

The company had already announced this project like 8 months ago and is now working on the LG TVs which are running on web 5.0 or later versions in the USA only. The users are able to access the platform directly from their home screens. 

Jo says that “With the help of LGArtLab, millions of Americans will be able to access and view NFTs without having to deal with any code or deal with a blockchain directly.” The NFT platform has a Drops feature that showcases artists and displays sneak peeks of their upcoming works. Users can receive notifications from its real-time Live Drops feature to help them acquire a dropped NFT so they don’t miss a chance.

How these will be helpful for the LG user? 

It is believed that the Wallypto wallet will be able to connect with the LG appliances to make direct payments. Kim Seung-Joo, who’s a professor at the School of Information Security says that this decision will help the company to look for a new direction where they will be able to create better designs and products. 

Jo explained the benefit to users that “there are no hidden expenses associated with the NFT platform because Hedera enables customers to transact for less than $0.0001 penny each transaction (without a large gas fee or other costs).” 

Since it uses significantly less energy than other public ledgers, the Hedera Network is the best option for sustainable initiatives and can satisfy the ESG requirements of contemporary enterprises and investors. Jo says “that Hedera provides a low, predictable charge for consumers, in contrast to many other decentralized networks, so users may purchase, trade, and display NFTs without worrying about the excessive energy consumption associated with other public networks.”

Samsung which is also a South Korean tech hub and competitor of LG is actively following web3 and cryptocurrency developments. Samsung also introduced a cryptocurrency wallet back in 2019 while launching the flagship Galaxy S10 series. The corporation has also developed its own metaverse experience named “Space Tycoon” and signed a memorandum of understanding to create an NFT ecosystem.

For more crypto market-related information, check out the Suncrypto Academy.

Disclaimer:

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. All content provided is for informational purposes only, and shall not be relied upon as financial/investment advice. Opinions shared, if any, are only shared for information and education purposes. Although the best efforts have been made to ensure all information is accurate and up to date. Occasionally unintended errors or misprints may occur. We recommend you to please do your own research or consult an expert before making any investment decision. You may write to us at [email protected].

 

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