South Korean tech conglomerate LG announced it is getting into crypto. The company, known for its home appliances, smart TVs, and mobile phones, plans to release a crypto wallet and NFT platform later this year.
Sorry, the Name "Wallypto" Is No Longer Available
According to South Korean news outlet, News1, LG Electronics applied for a trademark for its crypto wallet, named "Wallypto." The Wallypto wallet will launch with support for Hedera Hashgraph (HBAR) blockchain assets. Naturally, LG plans to integrate more popular blockchains after launch.
Analysts suspect the Wallypto wallet may also be used to pay for services within LG's platforms, including appliance maintenance and subscription services for LG products. This opens some interesting doors for LG’s future as a payments processor natively integrated into its home devices.
LG abandoned its mobile phone hardware business to focus on software last year. I'm not sure a TV-native NFT platform will be a major profit center for LG, but I'd rather see a hardware manufacturer get into crypto software than crypto firms making hardware, like Solana's phone.
LG Lags Behind Samsung in Crypto
Compared to South Korean competitor Samsung, LG has arrived to the crypto party late and empty handed. Samsung launched its first crypto wallet in 2019 and integrated it into its Galaxy S10 mobile phone. LG gave up on phones long before it had a crypto wallet and is relying on people to buy NFTs using televisions. Earlier this week, Samsung announced it will launch a crypto exchange with a decentralized app store built into it sometime in the first half of 2023. It's unclear if LG has similar plans for an app store and exchange.