LG Electronics, a South Korean technology firm, has sought a patent registration for its newly designed digital asset wallet, Wallypto, which is now beta-tested to prevent system errors and crashes.
Wallypto, expected to launch at the end of this quarter, aims to bring LG into the crypto storage arena. According to an application filed with the United States Patent and Trademark Office (USPTO), the wallet will be a one-of-a-kind, downloadable computer program for a digital wallet.
According to a USPTO application, the wallet will manage and verify cryptocurrency transactions using blockchain technology for cryptocurrency exchange inventory management.
LG has remained silent in the face of the media’s constant prodding and reports, as well as the yet-to-be-launched Wallypto. South Korean news outlet News 1 confirmed the development, stating that it will introduce LG to blockchain Non-Fungible Tokens (NFT).
Because of LG’s membership in the governing council, Wallypto is allegedly being built on Hedera (HBAR) technology, but more currencies will be approved shortly.
LG Electronics is well-known for its smart TVs that support digital experiences. The company is now working to bring blockchain experiences to the real world through decentralized identity technology. It launched a Visa and Mastercard LG payment in 2019.
In July, LG jumped into the metaverse through a trademark application for LG ART LAB submitted to the United States Patent and Trademark Office.
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