SK Telecom has developed a web3 wallet for digital currencies and NFTs in collaboration with other companies working on blockchain technology.
A cooperation agreement between SK Telecom and other blockchain companies is being developed in order to create a digital wallet that can support cryptocurrencies, nonfungible tokens, and digital credentials.
A Web3 wallet will be created and run by SK Telecom’s blockchain division in conjunction with AhnLab Blockchain Company and Atomix Lab, the company announced on Monday. The company claims that in addition to being able to store digital assets, Soulbound Tokens, or SBTs, will be used to validate credentials, including memberships and certificates.
For the blockchain wallet, Atomix Lab will use safe multiparty computation encryption. After that, the company will continue to provide technical assistance while SK Telecom and AhnLab Blockchain Company “take over the operation.” The project aims to strike a compromise between ease and security since, in the words of Atomix Lab CEO Woo-Hyun Jung, “the main hurdle to the spread of the blockchain ecosystem is the personal wallet.”
The introduction of a user-friendly crypto wallet by SK Telecom, one of the biggest mobile operators in South Korea, could have an impact on adoption there. About 30 million South Koreans, or about 58 percent of the country’s population, have mobile subscriptions through SK Telecom as of December 2021. In order to solve certificates in the midst of the epidemic, the company also debuted a wallet for blockchain-powered digital certificate storage in 2020.
Following the de-pegging of TerraUSD (UST) — now TerraUSD Classic (USTC) — from the U.S. dollar and the sharp decline in the price of Terra (LUNA) — now Terra Classic (LUNC), Terraform Labs’ South Korean headquarters have been in the center of the conversation about the crypto market collapse since May. Co-founder and CEO Do Kwon reportedly faced questions from South Korean regulators and authorities even though he relaunched the Terra network with a fresh chain in May.