South Korea’s SK Telecom to build its first Web3 wallet

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SK Tele­com has part­nered with blockchain firms Ahn­Lab Blockchain Com­pa­ny and Atom­rigs Labs to devel­op and oper­ate a dig­i­tal wal­let for cryp­tocur­ren­cy man­age­ment and Web3 access, the South Kore­an telecom­mu­ni­ca­tions giant announced on Monday. 

See relat­ed arti­cle: South Korea’s sec­ond-largest con­glom­er­ate to issue own cryptocurrency

Fast facts

  • SK Tele­com said users of its wal­let will be able to store, trans­fer and receive blockchain-issued tokens such as cryp­tocur­ren­cies, non-fun­gi­ble tokens (NFTs) and “soul­bound tokens” (SBTs), which are per­ma­nent, non-trans­fer­able NFTs for ver­i­fi­able iden­ti­fi­ca­tions and certificates.
  • SK Tele­com owns over 47% of all mobile com­mu­ni­ca­tions users in South Korea as of 2021, accord­ing to Korea Infor­ma­tion Soci­ety Devel­op­ment Insti­tute (KISDI).
  • The telecom­mu­ni­ca­tions arm of con­glom­er­ate SK Group also oper­ates its own meta­verse, Ifland, which has a month­ly aver­age user base around 1.1 mil­lion people. 
  • SK Group’s infor­ma­tion tech­nol­o­gy invest­ment sub­sidiary, SK Square, has been work­ing on its own cryp­tocur­ren­cy that is intend­ed to be used with­in SK’s Web3 network.

See relat­ed arti­cle: Are we help­less against attacks on blockchain bridges?

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