South Korean tech giant Naver announced the launch of its first-ever crypto wallet, Naver Pay Wallet, in partnership with sports-focused blockchain Chiliz.
Launch of Naver Pay Wallet
Chiliz announced in an August 29 post that it was chosen as the inaugural blockchain for the new wallet, which is available to over 33 million Naver users. Known as the 'Google of South Korea,' Naver runs the country’s most used search engine and was the most visited website in South Korea last month, according to Similarweb.
Functionality and Goals
The wallet is managed by Naver subsidiary Naver Pay, which reportedly has over 97,000 merchant users. Chiliz founder and CEO Alexandre Dreyfus emphasized that the Naver Pay Wallet aims not to be a typical crypto wallet but a service centered on utility and loyalty blockchain technology. The wallet is in beta and is non-custodial — meaning users will retain their private key — and can hold both cryptocurrencies and NFTs.
Future Developments
Dreyfus also mentioned that more functionality is planned, including integrations with decentralized apps (DApps), fan tokens, and a merchant loyalty program. The target audience is tech-savvy users already using Naver Pay and interested in exploring blockchain technology, particularly in sports, entertainment, and digital assets. In the future, Naver may add support for other blockchains. The wallet's launch follows closely after Naver's LINE messaging app also moved into crypto, introducing 'mini-DApps' on the Kaia blockchain.
Naver Pay Wallet represents a new milestone in the development of blockchain technology and digital assets, offering users new opportunities in cryptocurrencies and NFTs.
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