This Electronic Giant To Launch Hedera Based Crypto Wallet This Year

Many electronic giants are getting into the race to the Web3 amid turbulent digital asset market conditions. In this bid, South Korean electronic giant, LG is reportedly trying to launch a utility service by the end of this third quarter.

Electronic giant LG to dive into blockchain

As per a report, LG will launch a virtual asset wallet application based on the Hedera Hashgraph blockchain. It will be named “Wallypto”. This will allow the electronic giant to enter the blockchain and non-fungible token (NFT) market.

This will be part of LG’s business portfolio reorganization which will look to transform its existing hardware business. Report hints that the company will be actively looking to build a synergy effect by combining blockchain with their business.

LG already launched its beta test for the application among the developers the last month. However, it is in the final verification phase. It is being reported that “Wallypto” will be built on the Hedera and now supports Hedera’s HTS token. Meanwhile, it will expand its list of supporting networks. However, users can also register NFTs on the platform.

LG to boast NFTs

Earlier, LG announced that it will integrate the NFT platform features into its electric appliances. As LG’s official the company is yet to utilize the building application. However, it is in the stage of preparing the use cases of the technology.

The report mentioned that LG electronic emerged as one of the biggest sellers of home electronic appliances in the world. It registered a massive sale of around $20 billion in sales.

However, there is a possibility that they go on to build an independent platform completely based on blockchain. The electronic giant is actively searching and discovering new business opportunities. LG is trying to induce it in the internet of Things (IoT) platform ‘LG ThinQ’.