SK Telecom

SoKor’s Largest Mobile Operator, SK Telecom To Debut Web3 Wallet

  • SK Telecom plans to launch a Web3 wallet
  • The firm has partnered with AhnLab Blockchain Company for the same

South Korea’s biggest mobile service provider, SK Telecom, has entered the crypto space by bringing its first Web3 wallet.

As per a recent report, SK Telecom has partnered with crypto firm AhnLab Blockchain Company and Seoul-based startup Atomrigs Labs to launch a new digital wallet. The feature will provide its users with crypto services and access to the Web3 ecosystem.

The wallet users will be able to receive, store, and transfer digital assets like cryptocurrencies, non-fungible tokens (NFTs), and “soulbound” tokens. Notably, a Soulbound Token is a non-transferable, permanent NFT that verifies identification and certifications.

Moreover, SK Telecom’s new Web3 wallet users will have access to the future of the internet, the Web3 space. 

The upcoming digital wallet will follow a mechanism designed by Atomrigs Labs’ technology, and the AhnLab Blockchain Company will assist SK Telecom in supervising the development and operation of the product. Cheong Woo-hyeon, CEO of Atomrigs Lab, believes that such digital wallets based on blockchain technology are much safer and more convenient than traditional ones. He said that the partnership between the three companies would serve as an example and popularize the product.

On the other hand, the head of the Digital Asset Unit of SK Telecom, Oh Se-hyeon, also commented on the launch news and said that the online environment would be encompassed by the Web3 ecosystem in the coming years.

“This joint project of the Web3 digital wallet will be a crucial starting point for SK Telecom’s response to the Web3 market,”

he added.

SK Telecom to play a major role in crypto adoption in SoKor?

The massive entry of SK Telecom, with over 32 million customers, comprising almost half of all mobile phone users in South Korea, will be a major boost to the crypto adoption process in the country.

South Korea has seen intense digital asset adoption in the past few years. It is among the top 10 nations in the Global Innovation Index by the World Intellectual Property Organization as of 2020 and is known for its innovative and bright-minded citizens.

Recently, the small East Asian country has been witnessing its citizens and companies jumping into the crypto sector. In June, after realizing the massive potential in the region, the Solana Foundation launched a $100 million fund to invest in Web3 startups emerging in the country.

Parth Dubey Verified

A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.

Latest News