Connect with us

Hi, what are you looking for?

Business

SK Telecom, the South Korean tech giant, is launching a cryptocurrency wallet

A blockchain wallet will be operated by SK Telecom and AhnLab Blockchain Company after Atomix Lab uses a secure multiparty computation encryption to secure the platform.

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.

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.

Advertisement

You May Also Like

By 360

Thousands of MILLIONAIRES are made every single cycle! Will you be one of them?

By 360

Elon Musk’s announcement which resulted in MASS FOMO retail driven buying was an X FACTOR of this cycle.

Business

The central banks would design and define the monetary and governance rules for their digital currency by using Consensys' Quorum platform

Exclusive

Your success depends on avoiding these BOO-BOOs.

polkadot
Polkadot (DOT) $ 8.80 1.98%
bitcoin
Bitcoin (BTC) $ 24,042.44 1.31%
ethereum
Ethereum (ETH) $ 1,906.28 1.95%
cardano
Cardano (ADA) $ 0.553992 2.75%
xrp
XRP (XRP) $ 0.375102 0.98%
stellar
Stellar (XLM) $ 0.123461 1.77%
litecoin
Litecoin (LTC) $ 60.62 4.25%