South Korean tech conglomerate Naver is launching its first crypto wallet, Naver Pay Wallet, in partnership with sports-focused blockchain Chiliz. Chiliz, an L1 blockchain built around supporting fan tokens, said in an August 29 post that it has been selected as the first wallet blockchain, available to Naver’s more than 33 million users. Naver – known as the “Google of South Korea” – runs the country’s most used search engine.
According to Chiliz founder and CEO Alexandre DREYFUS, Naver Pay Wallet does not aim to be a typical crypto wallet, but a blockchain-based utility and loyalty service. The wallet is in beta and non-custodial, meaning users keep their wallet’s private key and can hold both cryptocurrencies and non-fungible tokens. Dreyfus said more features are coming, with planned integrations with decentralized applications (DApps), fan tokens and a merchant loyalty program.
He added that the target customers are tech-savvy, already using Naver Pay digitally and are interested in learning about blockchain technology, especially in the sports, entertainment and digital asset industries. While the Chiliz blockchain is the first wallet, Dreyfus said Naver may add support for a wider range of blockchains in the future.
Image: Asia Crypto Today