Naver, often referred to as the „Google of South Korea,” just announced its entry into the crypto industry by launching a new crypto wallet, in partnership with the Chiliz blockchain.
Existing user base
Naver runs the most popular search engine in South Korea and was the country’s most visited website last month with 1.7 billion hits.
Now the company launching its first-ever crypto wallet. Naver Pay Wallet is designed to cater to Naver’s 33 million user base, and is managed by Naver’s subsidiary, Naver Pay, which already serves more than 97,000 merchants in the country.
Chiliz, on the other hand, is mainly known for its fan tokens, but it has been selected as the first blockchain integrated into this wallet, which is currently in its beta phase.
Chiliz CEO Alexandre Dreyfus shared that the wallet isn’t just a typical crypto wallet but a complete platform focused on utility and loyalty.
Exciting features in the Naver wallet
The Naver Pay Wallet will be non-custodial, meaning users will control their private keys, for their security and privacy.
The wallet supports both cryptocurrencies and NFTs, with plans to add more features, including integration with DApps, fan tokens, and merchant loyalty programs.
Dreyfus mentioned that the primary target audience for this wallet are the tech-savvy users who are already familiar with Naver Pay’s digital services and want to explore blockchain technology, particularly in the areas of sports, entertainment, and digital assets.
Chiliz is the first blockchain to be supported, but of course, Naver is open to incorporating additional blockchains in the future, expanding the wallet’s capabilities.
Blockchain development, business development
Naver isn’t the only South Korean tech giant which moving into the crypto industry. Just a day before Naver’s announcement, the Naver-started messaging app LINE also expanded into cryptocurrency.
LINE introduced mini DApps, which are blockchain-based applications that run within the messaging platform.
The app will use the Kaia blockchain, which was created through the merge of LINE’s Finschia blockchain and another major South Korean tech company, the Kakao-operated Klaytn blockchain.
