The largest mobile operator in South Korea, Korea Mobile Telecommunications Services Corp, or SK Telecom as it is more commonly known, officially announced on July 11 that they had entered into an agreement with AhnLab Blockchain Company and Atomrigs Lab about the development of a service that will let users store digital assets online.
SK Telecom announced that its blockchain arm would collaborate with AhnLab Blockchain Company and Atomix Lab in order to develop and operate a Web3 wallet with its blockchain arm. Soulbound Tokens, otherwise known as SBTs, according to the company, will be used as a means of verifying credentials for members and certifications as well as storing and securing digital assets as well.
There is a possibility that the crypto wallet will be able to handle a wide range of digital assets, such as cryptocurrency, non-fungible tokens (NFTs), and other tokens that can be used as a system for verifying an individual’s identity, according to Korea JoongAng Daily.
Personal wallets are hindering the expansion of blockchain ecosystem because it’s very hard to make them safe and convenient to use at the same time.
Cheong Woo-hyeon, CEO – Atomrigs Lab
As part of the collaboration with Atomrigs Lab, SK Telecom and AhnLab Blockchain Company together will develop digital wallet technology as the basis for the wallet service, while the service’s ongoing operations will be managed by SK Telecom and AhnLab Blockchain Company, respectively. This will be based on the digital wallet technology developed by Seoul-based start-up Atomrigs Lab.
SKT가 '웹3 지갑' 개발을 위해 안랩블록체인컴퍼니, 블록체인 전문기업 아톰릭스랩과 협력합니다. 웹3 지갑은 사용자가 블록체인 네트워크 상에서 발행된 다양한 유형의 토큰을 저장·전송·수신할 수 있는 디지털 자산 지갑입니다. ▶https://t.co/bi8SIDKK2M#SK텔레콤 #블록체인 pic.twitter.com/HFGCl3cIN8
— SK telecom (@SKtelecom) July 11, 2022
SK Telecom and AhnLab Blockchain Company will take over the operation of the blockchain wallet after Atomix Lab uses secure multiparty computation encryption. The firm will remain on for technical support afterwards, while SK Telecom and AhnLab Blockchain Company will continue with the operation. According to Atomix Lab CEO Woo-Hyun Jung, the major obstacle to the expansion of the blockchain ecosystem is the personal wallet, and the project is intended to balance security with convenience.
This joint project of Web3 digital wallet will be a crucial starting point for SK Telecom’s response to the Web3 market.
Se-hyeon, Head of the Digital Asset Unit – SK Telecom
As the chief executive officer of AhnLab Blockchain Company, Kang Suk-kyoon, stated, the collaborative project would include several of AhnLab Blockchain Company’s key technologies, including the support for multi-platform ABC Wallet, which is currently in development, and the security threat response mechanism.
