Crypto Wallet: LG electronics to release a Hedera-based application
A new alternative to blockchain? LG Electronics will launch a crypto wallet app that will be based on the Hedera Hashgraph. Read the latest crypto news on our website!
LG Electronics, the South Korean technology company, announced that it will launch a crypto wallet app that will be based on Hedera Hashgraph.
This is only a natural step for the technology giant: earlier this year the company held a meeting of shareholders where it was decided that the company intends to integrate blockchain technology into the LG development plan, also referred to as the “development and sale of blockchain-based software.
The cryptocurrency wallet application will be called Wallypto and it has been in beta-testing by developers since August. Currently, the app is undergoing a verification process that will soon be finalized.
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.as stated in an announcement by LG.
The wallet will support Hedera’s HTS tokens and plans to expand the token and network list after officially releasing “Wallypto”. LG believes that the crypto app will speed up the company’s integration with the blockchain universe, as it will “actively create synergy effects by combining blockchain technology with existing flagship businesses such as home appliances and electric fields.” It was additionally reported that LG’s crypto wallet may supposedly connect with the company’s products, particularly with LG ThinQ. The platform that LG will use for its wallet is the Hedera Hashgraph - a distributed ledger technology coined as a hashgraph and referred to as an ‘alternative’ to blockchain. The technology Hedera uses is also known as DAG - Directed Acylic Graph, which allows for much faster transactions.
LG Electronics is determined to transform its hardware business into one that will develop software and crypto-fueled platforms. Not only that but the company also intends to merge already existing LG appliances with blockchain, thus creating a new synergy between already established devices and the new crypto technology. For example, earlier this year, LG launched a partnership with the Kakao Ground X blockchain platform that resulted in an integrated NFT feature in LG’s smart TVs that will allow NFT art trading.
Blockchain is one of the new businesses that are continuously being promoted.said an LG official.
LG is not the only tech giant to incorporate blockchain technology, as Samsung Electronics is also running the race of broadening its crypto horizons. Apart from integrating blockchain technology with its devices, we recently reported that Samsung is also working on launching a crypto exchange in 2023 as part of South Korea’s Financial Investment Association plan. When asked if LG has plans of launching a crypto exchange, the company’s representative replied that “nothing has been decided yet”. So let’s wait and see where South Korea’s pro-crypto government stance will lead and who will get ahead in the race.