Tech giant of South Korea SK Telecom to launch crypto wallet

The wallet service has been developed on the Seoul-based Atomrigs Lab's digital wallet technology

  • Published:
  • 12/07/2022 03:07 PM

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Korea Mobile Telecommunications Services Corp, or SK Telecom, stated on July 11 that it had signed an agreement with AhnLab Blockchain Company and Atomix Lab to establish a digital asset wallet service.

In the announcement, SK Telecom stated that users could receive, transfer, and store cryptos, NFTs, and ‘Soulbound tokens (SBTs)’ using the wallet. The latter are non-transferable, permanent NFTs that verify certificates and identifications. They also added that SBTs would be used to authenticate credentials such as memberships and certificates and store digital assets.

The digital wallet's functionality will be based on the technology of the Seoul-based startup Atomix Labs. SK Telecom and AhnLab Blockchain Company, for their part, will oversee the product's operation and overall development. Atomix Lab's Secure MPC encryption technology will be used in the new digital wallet service.

SK Telecom's head of digital asset unit, Oh Se-Hyeon, believes that the Web3 space will eventually take over most of the online realm. He stated, "This joint project of Web3 digital wallet will be a crucial starting point for SK Telecom's response to the Web3 market."

According to Atomix Lab CEO Woo-Hyun Jung, “The biggest obstacle to the expansion of the blockchain ecosystem is the personal wallet," The project is being made to strike a balance between security and simplicity. He stated, "Personal wallets are hindering the expansion of the blockchain ecosystem because it's very hard to make them safe and convenient to use at the same time."

While talking about the collaboration, Cheong Woo-hyeon, CEO of Atomrigs Lab, stated that blockchain-based wallets are far safer and more convenient than any traditional wallets. According to him, the collaboration of the three institutions would serve as an example and help popularise the product amongst the masses.

As one of South Korea's top mobile operators, SK Telecom's introduction of a user-friendly crypto wallet may significantly affect the adoption of this tech in the country. As of December 2021, around 30 million South Koreans had SK Telecom mobile connections, accounting for approximately 58 percent of the total population. In addition, in 2020, the company released a wallet for blockchain-powered digital certificate storage to solve certificates amid the epidemic.

The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash