- South Korea’s Naver has officially ventured into crypto.
- The company announced its new digital asset solution, targeting 33 million users.
- The solution was launched in partnership with a popular blockchain.
South Korean internet conglomerate Naver has partnered with Chiliz to launch its first-ever crypto wallet targeting over 33 million users, the sport-focused blockchain platform said on Friday.
Founded in 1999, Naver is South Korea’s first portal website and the most-used search engine in the country, with about 1.7 billion visits in July. The company’s initial foray into crypto with a storage solution underscores the increasing appeal of digital assets among institutions.
Naver’s Crypto Wallet
According to an X post on August 30, Naver’s crypto wallet will be run by the company’s subsidiary, Naver Pay, which reportedly powers over 97,000 merchant users. Naver Pay is the second e-wallet the internet company launched after Line Pay, a solution created by its Japanese unit.
Dubbed Naver Pay Wallet, the non-custodial wallet solution is still in beta. It allows users access to a limited non-fungible tokens (NFTs) storage function.
The wallet will add other functionalities to allow users to manage their digital assets, interact with decentralized applications, and access fan tokens and a loyalty program for Naver’s merchant network, Chiliz founder and CEO, Alexandre Dreyfus, said in a report.
Per Dreyfus, the wallet’s target audience includes tech-savvy South Koreans already on Naver Pay and seeking to explore blockchain technology with its sports, entertainment, and digital assets offerings.
“This is one of the most important launch/strategic partnership for @chiliz. Very long-term one. The largest tech company in Korea partnered with Chiliz to launch digital assets to their 33M user base (90% of adults population in KR) and will embrace Fan Tokens later this year,” Dreyfus wrote on X.
The Naver Pay wallet will add Chiliz as its first blockchain and may support more networks in the future.
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