Crypto: SK Telecom To Launch Blockchain Wallet For Crypto and NFT

Major South Korean telecom company SK has planned a launch of blockchain wallet for crypto and NFTs

iexclusivenews reports that South Korean telecommunications giant SK Telecom has signed a joint agreement with other blockchain firms.

Aimed at developing a digital wallet that can support cryptocurrencies, nonfungible tokens and digital credentials.

A Web3 wallet will be created and run by SK Telecom’s blockchain division in conjunction with AhnLab Blockchain Company and Atomix Lab, the company announced on Monday.

The company claims that in addition to being able to store digital assets, Soulbound Tokens, or SBTs, will be used to validate credentials, including memberships and certificates.

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For the blockchain wallet, Atomix Lab will use secure multiparty computation encryption.

After that, the company will continue to provide technical support while SK Telecom and AhnLab Blockchain Company “take over the operation.”

iexclusivenews reports that the project aims to strike a compromise between ease and security since, in the words of Atomix Lab CEO Woo-Hyun Jung.

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“The main hurdle to the spread of the blockchain ecosystem is the personal wallet.”

However, the introduction of a user-friendly crypto wallet by SK Telecom. One of the biggest mobile operators in South Korea, could have an impact on adoption there.

About 30 million South Koreans, or about 58 percent of the country’s population, have mobile subscriptions through SK Telecom as of December 2021.

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In order to solve certificates in the midst of the epidemic, the company also debuted a wallet for blockchain-powered digital certificate storage in 2020.

Since May, Terraform Labs’ South Korean offices have been at the center of talks about the crypto market downturn.

As TerraUSD (UST) — now TerraUSD Classic (USTC) — depegged from the US dollar and the price of Terra (LUNA) — now Terra Classic (LUNC) — dropped substantially.

Meanwhile, iexclusivenews Nigeria reports that Do Kwon, the Terra network’s co-founder and CEO, relaunched it in May with a new chain, but he has also reportedly faced inquiry from South Korean regulators and authorities.