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LG Electronics Launches a Digital Asset Wallet Called Wallypto

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Joyashree Dey Follow

INDIA

Sep, 07 2022

Sep, 07 2022

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The South Korean electronics company, LG Electronics, which applied for patent registration for its newly invented digital asset wallet code called Wallypto on Aug. 12, is expected to be launched at the end of this year. 


The wallet, which is currently being beta tested to limit system errors and crashes, seeks to introduce LG to the crypto storage space. As per an application filed before the United States Patent and Trademark Office (USPTO), the wallet will be a unique downloadable computer software to use as a digital wallet. 


According to a USPTO application filed on Aug. 12, the wallet will verify and manage cryptocurrency transactions using blockchain technology and will be under inventory management for cryptocurrency exchange.  

Even after the media’s relentless nudging and reports, LG has remained silent about the yet-to-be-launched Wallypto. However, a report released by South Korea’s News 1 confirmed the development, saying it will introduce LG to blockchain Non-Fungible Tokens. 


“After going through the final verification process to catch system errors, it is likely to be released in the third quarter at the earliest or within the year at the latest.” South Korea’s News 1 reported. 


Wallypto is purportedly being based on the Hedera (HBAR) technology in view of LG’s membership in the governing council, however, will support more currencies in the foreseeable future. 


The popular smart TV brand LG electronics has moved to bring blockchain experiences to the real-world using decentralized identity technology. Back in 2019, it launched a Visa and Mastercard LG payment to improve support digital experience for the consumers. 


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Joyashree Dey

CBW - External Analyst

INDIA

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