Naver, Chiliz in Strategic Collaboration
The technology giant of South Korea, Naver, has entered into the world of cryptocurrency by partnering with the blockchain platform Chiliz. The partnership between the two has brought about the creation of a first-of-its-kind cryptocurrency wallet created by them: the Naver Pay Wallet. The wallet is still a beta version but also marks a new chapter for them since the company is adding blockchain tech to its large digital ecosystem.
33 Million Naver Users to Gain Access to Crypto Wallet
This is about to change the game for crypto as more than 33 million them users are exposed to cryptocurrency through the Naver Pay Wallet. Having scored as the most visited website across South Korea, with 1.7 billion visits last month according to Similarweb, Them is set to influence the adoption of blockchain technology in that country greatly.
The wallet will be operated by them through its subsidiary, Naver Pay, and utilize them biggest payment network in South Korea of over 97,000 merchants. In contrast to normal cryptocurrency wallets, the blockchain technology behind Naver Pay Wallet will be utility and loyalty-focused, making it much more than just a digital storage solution for currency.
Chiliz: The First Blockchain Partner
Chiliz, the Layer 1 blockchain hosting thousands of fan tokens, has now been confirmed as the first-ever blockchain to power the Naver Pay Wallet. Alexandre Dreyfus, founder and CEO at Chiliz, explained that the wallet will be non-custodial, meaning users will hold their full private key. The Naver Pay Wallet will support cryptocurrencies, non-fungible tokens, DApps, fan tokens, and a merchant loyalty program
Though Chiliz is the first blockchain to be integrated, Dreyfus has also teased that them could extend support to other blockchains in the future.
Naver’s Ambitions in the Wider Crypto Space
The launch of the Naver Pay Wallet comes as part of the general strategy of them to start embracing blockchain technology. This follows another major crypto development from them, with its messaging app LINE set to unveil in the wake of the recent mainnet launch of the Kaia blockchain, its full-scale plan for blockchain-based “mini DApps.”
Growing Interest in Cryptocurrency Among South Koreans
Where the trend of cryptocurrency has been embraced by them, it is not the exception but the trend of the Republic of South Korea, which shows huge interest in digital properties. In a similar way, a recent survey showed how young South Koreans are growing less confident in the national pension system, with great numbers moving toward cryptocurrencies and stocks.
Moreover, due to the increasing importance of virtual coin, the South Korean government has been moving toward tighter oversight, now specifically regarding token-listing assets on exchanges.
Given the position of South Korea at the forefront of the cryptocurrency market, them foray into blockchain could have major implications for the company and the general blockchain business.
