South Korea’s tech giant, Naver, has unveiled its first cryptocurrency wallet, Naver Pay Wallet, in partnership with Chiliz, a blockchain platform centered around sports and entertainment. Currently in its beta phase, the wallet represents Naver’s debut entry into the digital asset market, specifically targeting the Korean audience.
Chiliz, a Layer 1 blockchain specializing in fan tokens, recently announced on X that it has been selected as the first blockchain for integration with the Naver Pay Wallet. This new wallet will be available to more than 33 million Naver users.
Naver’s subsidiary manages Naver Pay Wallet. Naver Pay is a mobile payment service already used by over 97,000 online and offline merchants in South Korea. Unlike traditional crypto wallets, Naver Pay Wallet is designed as a non-custodial solution, allowing users to manage their private keys and digital assets directly. The wallet currently supports cryptocurrencies and non-fungible tokens (NFTs) and plans to expand its functionalities.
Alexandre Dreyfus, CEO of Chiliz, stated that Naver Pay Wallet aims to be more than a typical crypto wallet by focusing on utility and loyalty blockchain technology. It will serve as a testbed for future loyalty programs involving Naver’s extensive merchant network, integrating Chiliz blockchain technology to offer unique services. The wallet targets tech-savvy users already familiar with Naver Pay and interested in blockchain applications related to sports, entertainment, and digital assets.
The launch of Naver Pay Wallet comes as Naver’s other platforms, such as its popular messaging app LINE, also explore blockchain applications. Following the recent mainnet launch of the Kaia blockchain, LINE is set to introduce blockchain-based “mini DApps.”
Naver Pay Wallet has an extensive user base, giving it a potential edge in the market. According to Dreyfus, the platform’s ease of use could significantly lower entry barriers to the blockchain, encouraging wider adoption among South Korean users. The wallet’s initial integration with the Chiliz Chain is the start of this journey, although Naver may expand support to additional blockchains in future updates.
A recent survey found that over 75% of South Koreans aged 20-39 lack trust in state pensions, with more than half preferring to build retirement funds using digital assets and stocks. The trend leads to the growing importance of digital assets in South Korea’s financial landscape, potentially boosting interest in Naver’s new offering.
The move also follows Line’s recent launch of blockchain-based applications, another Naver-affiliated platform. Line introduced “mini DApps” within its messaging app after the Kaia blockchain, formed by merging Line’s Finschia and Kakao’s Klaytn blockchains, launched its main net.
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