A cryptocurrency wallet app Wallypto is now being developed by LG, the South Korean electronics giant, and it will be released later this year. The Wallypto wallet is a part of a new business phase for the organization, which recently turned its attention away from mobile devices and toward software solutions. At the debut, Wallypto will only support Hedera Hashgraph assets.
About the Wallypto Crypto Wallet:
The debut of LG’s cryptocurrency wallet will be a first step toward modernizing the company’s business portfolio, which has historically focused on electronics.
Since LG Electronics has been conducting an active beta test of the application with developers since August, the path to the launch was not straightforward. Nevertheless, the beta test is reportedly already in its final verification stage, and the corporation is now anticipating its rollout, according to local media sources.
It is projected to be released in the third quarter at the earliest or within the year at the latest, according to the report, after going through the final verification phase to catch system flaws.
The Hedera Hashgraph blockchain supports the Wallypto cryptocurrency wallet. When it is officially released, there are plans to increase the number of cryptocurrencies and tokens it supports, including Hedera’s HTS token.
The functional utility of the cryptocurrency wallet application is still not entirely obvious according to LG Electronics.
One of the company’s representatives reportedly told a local news outlet, News1, that LG has not yet decided if the wallet app is indeed useful. However, the business is still working on incorporating upcoming blockchain technology use cases into its corporate charter.
Outstanding Wallypto Capabilities:
The cryptocurrency wallet from LG Electronics offers incredible benefits to customers everywhere. For instance, Wallypto may be connected to some of LG’s electronic equipment, according to local media sources. It includes connecting to items created using the company’s LG ThinQ Internet of Things (IoT) platform.
According to the report, “it is also predicted to create synergy benefits by combining blockchain technology with current flagship enterprises like as home appliances and electric fields.”
Utilizing blockchain technology, the wallet will manage inventory management for cryptocurrency exchanges and handle and verify cryptocurrency transactions.
The idea of LG incorporating blockchain technology into their network is not new. The company declared in February of this year that its line of smart televisions will include non-fungible token (NFT) platform characteristics. However, LG chose to follow the lead of rival Samsung Electronics.
The adoption of blockchain technology by one of the largest electronics manufacturers in the world may serve as a launching pad for other businesses interested in the craze to follow.
With a staggering sales record of 27.11 trillion Korean won (about $20 billion), LG Electronics was the world’s largest seller of home appliances last year.
Although LG Electronics may be the first to provide crypto wallet software, it won’t be the only one. Sooner than you might anticipate, Wallypto’s launch will lead to an increase in the adoption of blockchain technology by other electronic enterprises.
Shareholders endorsed LG crypto brokerage:
At the company’s annual general meeting in March, stakeholders approved the brokerage of cryptocurrency modifications and entry into Web3 advancements.
Samsung, its main adversary, has announced the Galaxy 10 series, which supports the NFT and metaverse world, as well as a wallet feature for its Galaxy line of smartphones and a TV that supports non-fungible tokens in an aggressive effort to overtake it as the market leader in electronics.
Lastly, if you like what we do here at Cryptoknowlogy, do give us a shoutout in your own community of wonderful human beings who are interested in cryptocurrency.
New to trading? Try crypto trading bots or copy trading
