TLDR:
- Naver, South Korea’s leading tech company, is launching Naver Pay Wallet
- The wallet partners with Chiliz blockchain as its inaugural blockchain
- It’s a non-custodial wallet available to over 33 million Naver users
- The wallet can store cryptocurrencies and NFTs
- Future plans include DApp integration, fan tokens, and merchant loyalty programs
South Korea’s tech giant Naver has made a move into the cryptocurrency space with the launch of its first digital asset wallet, Naver Pay Wallet.
The company, often referred to as the “Google of South Korea,” has partnered with Chiliz, a blockchain provider focused on sports and entertainment, to power this new offering.
Naver Pay Wallet is currently in beta and available to over 33 million Naver users. As a non-custodial wallet, it allows users to retain control of their private keys and digital assets.
The wallet supports both cryptocurrencies and non-fungible tokens (NFTs), positioning Naver at the forefront of the growing digital asset market in South Korea.
Alexandre Dreyfus, founder and CEO of Chiliz, explained that the Naver Pay Wallet is not intended to be a typical crypto wallet. Instead, it aims to provide a service centered around utility and loyalty blockchain technology.
This approach aligns with Naver’s existing ecosystem, which includes a widely used payment service, Naver Pay, utilized by more than 97,000 online and offline merchants in South Korea.
The partnership between Naver and Chiliz does not involve a direct investment but represents a strategic collaboration. Chiliz blockchain has been chosen as the inaugural blockchain for the wallet, although Naver may add support for other blockchains in future updates.
Naver Pay Wallet is set to expand its functionality beyond basic storage of digital assets. Future plans include integration with decentralized applications (DApps), fan tokens, and a loyalty program for Naver’s extensive merchant network.
The target audience for Naver Pay Wallet is tech-savvy South Koreans who already use Naver Pay for digital transactions and are interested in exploring blockchain technology, particularly in the realms of sports, entertainment, and digital assets.
By leveraging its vast user base and user-friendly platform, Naver aims to lower the barrier to entry for blockchain technology and accelerate mainstream adoption.
This move by Naver comes at a time when many tech companies are expanding into the Web3 market, integrating blockchain and related technologies into their products and services.
With its dominant position in the Korean market, Naver’s entry into the crypto space could significantly impact the adoption of digital assets in the country.
The launch of Naver Pay Wallet also coincides with developments in other parts of Naver’s ecosystem. Line, a messaging app launched by Naver in Japan in 2011, is set to introduce “mini DApps” – blockchain-based applications that work within the messaging app.
This follows the launch of the Kaia blockchain’s mainnet, formed by merging Line’s Finschia blockchain with Klaytn blockchain from Kakao, another major South Korean social app maker.
