Naver, a major South Korean internet search player, is introducing a non-custodial cryptocurrency wallet and integrating the Chiliz blockchain as its first.
In collaboration with Chiliz, a blockchain dedicated to sports, South Korean digital giant Naver is releasing Naver Pay Wallet, its first-ever cryptocurrency wallet.
In an August 29 X post, Chiliz, a layer 1 blockchain designed to handle fan tokens, announced that it had been selected as the wallet’s first blockchain and accessible to over 33 million Naver users.
The most popular search engine in South Korea is run by Naver, dubbed “the Google of South Korea.” With 1.7 billion views, it was the most popular website in South Korea last month, according to Similarweb.
Naver Pay, a Naver subsidiary, manages the wallet and claims to have over 97,000 merchant users.
Chiliz creator and CEO Alexandre Dreyfus told TechCrunch, “The Naver Pay Wallet is not aiming to become a typical crypto wallet, but a service around utility and loyalty blockchain technology.”
The wallet is in beta and supports cryptocurrencies and non-fungible tokens (NFTs). It is non-custodial, meaning users will keep their private keys in the wallet.
More features, including planned interactions with decentralized apps (DApps), fan tokens, and a merchant loyalty program, are still to come, according to Dreyfus.
He continued that Target consumers are “tech-savvy” and “interested in exploring blockchain technology, particularly in the realms of sports, entertainment, and digital assets,” they now utilize Naver Pay online.
Although the Chiliz blockchain is the wallet’s initial blockchain, Dreyfus stated that Naver might eventually include compatibility for a wider variety of blockchains.
Naver released its cryptocurrency wallet one day after the messaging app LINE, which still holds a significant investment, made a similar move. LINE was created in Japan in 2011.
Following the mainnet launch of the Kaia blockchain on August 29, LINE is expected to get so-called “mini DApps,” which are blockchain-based applications that function within the messaging app.
The Kaia chain was created in February when the Klaytn blockchain from leading South Korean social app developer Kakao and the Finschia blockchain from LINE merged.
