South Korea’s SK Telecom to build its first Web3 wallet

Susan R. Jones

SK Telecom has partnered with blockchain corporations AhnLab Blockchain Corporation and Atomrigs Labs to build and function a digital wallet for cryptocurrency management and Web3 obtain, the South Korean telecommunications large declared on Monday. 

See similar write-up: South Korea’s second-major conglomerate to situation own cryptocurrency

Speedy specifics

  • SK Telecom explained buyers of its wallet will be capable to retail outlet, transfer and obtain blockchain-issued tokens this sort of as cryptocurrencies, non-fungible tokens (NFTs) and “soulbound tokens” (SBTs), which are permanent, non-transferable NFTs for verifiable identifications and certificates.
  • SK Telecom owns over 47% of all cellular communications end users in South Korea as of 2021, according to Korea Information and facts Society Enhancement Institute (KISDI).
  • The telecommunications arm of conglomerate SK Team also operates its have metaverse, Ifland, which has a regular monthly ordinary consumer foundation all around 1.1 million men and women. 
  • SK Group’s information and facts technology expenditure subsidiary, SK Square, has been functioning on its possess cryptocurrency that is supposed to be applied within SK’s Internet3 network.

See related report: Are we helpless in opposition to assaults on blockchain bridges?

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