South Korean Firm Collaborates with Chiliz Blockchain to Launch Crypto Wallet

Leading South Korean technology company Naver has rolled out its non-custodian crypto wallet, called Naver Pay Wallet. This new development is the firm's first-ever crypto wallet and is still in beta.

Naver reached this milestone by partnering with Chiliz, a layer-1 blockchain and innovative sports platform. The collaboration makes Chiliz the inaugural blockchain for the new Naver wallet.

Naver Releases Crypto Wallet with Focus On Utility and Loyalty

A prominent South Korean tech firm, Naver, is introducing its first-ever crypto wallet, Naver Pay Wallet. To launch the new crypto wallet, Naver partners with Chiliz, a sport-focused layer-1 blockchain.

Chiliz took to X to announce the new development, noting that the new wallet is available for over 33 million Naver users.

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

Further, the X post disclosed that Chiliz, through the partnership, will serve as the inaugural blockchain for the non-custodial wallet. Naver stands out as South Korea's most used search engine. This popularity positioned it as the Google of South Korea."

According to data from Similarweb, Naver was the most visited website in South Korea last month, with over 1.7 billion visits.

Meanwhile, Naver Pay, a subsidiary of Naver, will manage the Naver Pay Wallet. Naver Pay boasts a wide range of service links, with over 97,000 online and offline merchants on its list.

Additionally, Alexandre Dreyfus, CEO and founder of Chiliz, discussed thewallet's tenets and features withTechCrunch. He pointed out that the Naver Pay Wallet doesn't function like other typical crypto wallets for only digital asset storage.

Instead, itoffers services focusing on utility and loyalty to blockchain technology.

More so, Naver Pay Wallet is a non-custodial wallet that allows users to retain their private keys. It also supports the storage of crypto assets and non-fungible tokens (NFTs).

Further, Dreyfus said the wallet will include more features and functionalities in the future, including integrating decentralized apps and fan tokens. It will also introduce a loyalty program for Naver's merchant network. According to the CEO, the target clients for the Naver Pay Wallet are South Koreans.

Dreyfus stated: The target customers are tech-savvy South Koreans who are already using Naver Pay for digital transactions and are interested in exploring blockchain technology, particularly in the realms of sports, entertainment, and digital assets."

Crypto Trend In South Korea

South Korea remains one of the keyregions in the cryptocurrency space. In Q1 2024, the South Korean won emerged as themost traded fiat currency pair within the crypto market.

The Asian country has recorded an increased adoption rate for digital assets. According to a recent survey, many youths are skeptical about the national pension system.

Instead, they prefer investments in crypto and stocks as profitable options for their funds. The survey showed that over three-quarters of the participants, between 20 and 30 years, have no confidence in state-issued pensions.

Moreover, more than 50% of the participants confirmed using crypto and stock investments as their retirement funds.

Meanwhile, South Korea has recently made moves to tighten its digital asset regulations. It plans to implement more stringent regulatory measures for a token listing on crypto exchanges. The authorities propose to block all reportedly hacked crypto tokens.

According to news1, South Korea's financial authorities will issue new guidelines to impose stricter regulations on tokens listed on CEXs. Tokens that have been hacked and have not yet resolved security issues may be blocked from listing, and may be forced to design specific...

- Wu Blockchain (@WuBlockchain) April 5, 2024

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