South Korean tech conglomerate Naver launches sports-focused blockchain network Chili is launching its first crypto wallet, Naver Pay Wallet, in partnership with Chiliz. Chiliz, a Layer-1 blockchain network built to support fan tokens, said in an Aug. 29 X post that it has been selected as the first blockchain network for the wallet, which it reported is available to over 33 million Naver users.
Remarkable Partnership from Chiliz Team
South Korea GoogleKnown as Naver, It runs the country’s most-used search engine. It was the most-visited website in South Korea last month, with 1.7 billion visits, according to Similarweb. The wallet is run by Naver subsidiary Naver Pay, which reportedly has over 97,000 users. Chiliz founder and CEO Alexandre Dreyfus told TechCrunch: A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
“Naver Pay Wallet aims not to be a typical crypto wallet, but a service around utility and loyalty blockchain technology.”
The wallet is in beta and is not custodial, meaning users will retain the private key to their wallet and will be able to hold both cryptocurrencies and NFTs. Dreyfus said more functionality is yet to come, with integrations with decentralized applications (DApps), fan tokens, and a user loyalty program planned.
Target customers are tech-savvy, NaverPayHe said he is digitally oriented and is interested in exploring blockchain technology, particularly in the areas of sports, entertainment and crypto assets.
Details on the Subject
Chili While this is the first blockchain wallet, Dreyfus said Naver could add support for a wider range of blockchains in the future. Naver’s crypto wallet comes a day after LINE, the messaging app the company launched in Japan in 2011 and in which it still has a large stake, also went crypto.
LINE is set to receive so-called mini DApps, blockchain-based applications that run inside its messaging app, after its Kaia blockchain ecosystem launches its mainnet on Aug. 29. The Kaia ecosystem was created by the merger of LINE’s Finschia blockchain network and South Korean major social app maker Kakao’s Klaytn network in February.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
