South Korean technology giant Naver has announced the launch of its first-ever cryptocurrency wallet, Naver Pay Wallet, in collaboration with the sports-centric blockchain platform Chiliz.
The wallet, which is currently in its beta phase, marks Naver’s first push into the cryptocurrency space.
In a recent post on X, Chiliz, a Layer 1 blockchain known for its support of fan tokens, revealed that it has been selected as the inaugural blockchain for the Naver Pay Wallet.
33 Million Naver Users to Gain Access to Crypto Wallet
The move will potentially give over 33 million Naver users access to the wallet, signaling a major integration of blockchain technology into South Korea’s digital ecosystem.
Naver, often referred to as “the Google of South Korea,” operates the nation’s most widely used search engine.
According to Similarweb, Naver was the most visited website in South Korea last month, boasting 1.7 billion visits.
The management of the Naver Pay Wallet will be handled by Naver’s subsidiary, Naver Pay, which currently serves over 97,000 merchants.
Unlike typical crypto wallets, the Naver Pay Wallet is designed with a focus on utility and loyalty blockchain technology rather than solely serving as a digital currency storage solution.
Alexandre Dreyfus, the founder and CEO of Chiliz, told TechCrunch that the wallet is non-custodial, meaning users retain control of their private keys. It will support both cryptocurrencies and non-fungible tokens (NFTs).
Dreyfus hinted at future developments, including the integration of decentralized applications (DApps), fan tokens, and a merchant loyalty program.
The wallet targets tech-savvy users who are already familiar with Naver Pay and are eager to explore the intersections of blockchain technology, sports, entertainment, and digital assets.
While Chiliz is the first blockchain to be integrated into the wallet, Dreyfus mentioned that Naver may expand support to additional blockchains in the future.
The launch coincides with another significant crypto move by Naver, as its messaging app LINE prepares to introduce blockchain-based “mini DApps” following the recent mainnet launch of the Kaia blockchain.
South Koreans Turn to Crypto
A recent survey has revealed that most young South Koreans are losing faith in the national pension system, with many stating they see crypto and stocks as a better alternative.
The study found that more than three-quarters of people aged 20-39 “don’t trust” state-issued pensions.
Over half of respondents who said they were making their own pension plans claimed they were building their retirement funds with stocks and crypto.
Interestingly, even election candidates themselves have exposure to cryptocurrencies, with approximately 7% of them owning digital assets, according to a report by Yonhap that analyzed their asset disclosures.
Just recently, it was reported that South Korea is set to introduce stricter regulations for token listing on exchanges, including the blocking of tokens that have been hacked.
Notably, South Korea plays a significant role in the global cryptocurrency market, with the South Korean won being the most traded fiat currency pair in the first quarter of the year.
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