South Korean Tech Giant Naver Partners with Chiliz to Launch crypto Wallet
The South Korean technology giant Naver has made a groundbreaking entry into the cryptocurrency space with the announcement of its first-ever cryptocurrency wallet, Naver Pay Wallet, developed in collaboration with the sports-centric blockchain platform Chiliz.
The wallet, currently in its beta phase, signifies Naver's initial foray into the crypto world. Chiliz, a Layer 1 blockchain renowned for supporting fan tokens, shared in a recent post on X that it has been chosen as the primary blockchain for the launch of the Naver Pay Wallet.
33 Million Naver Users to Gain Access to crypto Wallet
This strategic move is poised to grant more than 33 million Naver users access to the wallet, marking a significant integration of blockchain technology into South Korea's digital landscape. Naver, commonly referred to as "the Google of South Korea," operates the country's most popular search engine.
According to Similarweb, Naver secured the top spot as the most visited website in South Korea last month, boasting an impressive 1.7 billion visits.
The management of the Naver Pay Wallet will be overseen by Naver's subsidiary, Naver Pay, which currently caters to over 97,000 merchants.
BREAKING news: Chiliz Launches Strategic Partnership with NAVER Pay for Groundbreaking Digital Assets Wallet ?
This collaboration marks the launch of NAVER Pay Wallet, NAVER Pay's first Digital Assets Wallet for the 33 million+ users Korean market with Chiliz Chain as its… pic.twitter.com/9uvyKVYQUn
— Chiliz – The Sports Blockchain ⚽? (@Chiliz) August 29, 2024
The Naver Pay Wallet sets itself apart from traditional crypto wallets by emphasizing utility and loyalty blockchain technology rather than merely serving as a digital currency storage solution. Alexandre Dreyfus, CEO of Chiliz, noted in an interview with TechCrunch that the wallet is non-custodial, empowering users to retain control over their private keys. It will support both cryptocurrencies and non-fungible tokens (NFTs).
Dreyfus hinted at future updates, including the incorporation of decentralized applications (DApps), fan tokens, and a merchant loyalty program. The wallet is targeted towards tech-savvy users familiar with Naver Pay who are eager to explore the intersections of blockchain tech, sports, entertainment, and digital assets.
While Chiliz is the initial blockchain integrated into the wallet, Dreyfus suggested that Naver could extend support to additional blockchains down the line. The launch coincides with another notable crypto move by Naver, as its messaging app LINE prepares to introduce blockchain-based "mini DApps" following the recent mainnet launch of the Kaia blockchain.
South Koreans Turn to crypto
A recent survey unveiled that a majority of young South Koreans are losing faith in the national pension system, viewing crypto and stocks as superior alternatives. The study found that over three-quarters of individuals aged 20-39 lack trust in state-issued pensions.
more than half of respondents who are crafting their own pension plans disclosed that they are building their retirement funds with stocks and crypto. Surprisingly, even election candidates in South Korea have exposure to cryptocurrencies, with around 7% of them holding digital assets, as reported by Yonhap.
South Korea is poised to introduce stricter regulations for token listing on exchanges, inclusive of blocking tokens that have been compromised. The country plays a significant role in the global crypto market, with the South Korean won emerging as the most traded fiat currency pair in the first quarter of this year.
