South Korean tech giant LG Electronics is preparing to launch a Wallypto crypto wallet based on the Hedera Hashgraph network in Q3 2022.
Many crypto enthusiasts cite Hedera Hashgraph as a new generation of blockchain. It strives to fill the gaps left by traditional blockchain technology to improve speed and security and allow transactions to occur at high volumes.
This allows individuals and businesses to rely on the network with confidence, knowing that it is fast, reliable, secure and sustainable. Already, Hedera has influential partnerships with IBM, Google, EDF, LG and others that use its publicly distributed ledger technology to interact in a trustless manner via smart contracts.
Indeed, LG Electronics Inc. and Hedera Hashgraph have already partnered since May 2022 to identify how various applications of distributed ledger technology can benefit consumers and partners and enable seamless transactions.
Partnership continues, LG to launch Hedera-based Wallypto
In an effort to expand its blockchain business, the giant LG Electronics is about to launch a cryptocurrency wallet dubbed “Wallypto“. This wallet will initially be based on the Hedera Hashgraph (HBAR) network and will soon be available to the public (at the latest by the end of the year).
Based on the Hedera Hashgraph (HBAR) network, this wallet, which comes in the form of a mobile application, should quickly support other networks in order to become multi-chain.
Thus, upon its release, Wallypto will start by supporting non-fungible tokens (NFT) and assets created on Hedera Hashgraph, namely its native cryptocurrency (HBAR) and HST tokens.
In its release, LG briefly mentions the application possibilities of Wallypto:
It is also expected to actively create synergy effects, combining blockchain technology with our existing core businesses such as home appliances and the electronics industry.
Last July, the South Korean giant already filed a trademark application for an entity called LG ART LAB, claiming the intention to offer:
- software for issuing and trading NFTs from a TV set;
- software for cryptocurrency transactions from a TV set.
For now, LG has not communicated further about the trademark filing, but the arrival of Wallypto could well change things for the company’s Web3 ecosystem.