Cryptowallet by LG, the creation that brings us closer to the future

September 12, 2022

The crypto-community is expectant before the creation of a new cryptowallet by LG. This launch reveals the strong commitment of the Korean company to the opportunities that blockchain technology brings.

The profits obtained by LG Electronics last year amounted to $20,000 million. With such a volume of sales, it is logical that this Asian company looks for new investment opportunities. At this point, your cryptocurrency wallet is an opportunity to expand your business towards software.

Current Context of the Cryptocurrency Market

The current situation of the crypto market is one of sharply cheaper cryptocurrencies (Bitcoin has lost almost half of its value). This, far from implying the end of digital money, gives us an opportunity to invest in its assets.

The fall experienced by Bitcoin and other cryptocurrencies has been motivated by the announcement of the Central Banks to raise interest rates. This is logical if we take into account that digital money is a high-risk speculative instrument.

LG IoT Cryptowallet

At the moment, LG has hardly revealed any information about its cryptowallet. In fact, we only know his name (Wallypto) and his logo, which have already been registered in the Patent and Trademark offices. We also know that its launch will take place on the public Hedera network (of which LG is a member of the board of directors).

The South Korean news agency News 1 announced that Wallypto will be available this quarter. The cryptowallet is in the final verification phase, so we will be able to enjoy it very soon.

In principle, only HTS tokens can be managed from the LG cryptowallet on the Hereda network. However, the South Korean company plans to integrate other cryptocurrencies, having already experimented with ETH, USDT, and NFT tokens.

NFTs In LG Smart TVs

Did you know that LG has also been making tests in areas such as blockchain technology and NFTs? Moreover, this company intends to integrate these advances into its Smart TVs so that its users can participate in the market for non-fungible tokens.

To the previous tests we must add the launch of a new NFT experience through LG Signature. Thanks to her, the consumers of its most premium line were able to enjoy this novelty in December of last year.

It is clear that, with this strategy, LG is following the steps of Samsung (one of its main rivals). In fact, this brand already includes NFTs in its smart TVs with the creation of exclusive clubs for its users and the recreation of one of its main stores.

Wallypto and the Internet of Things (IoT)

An LG employee leaked to the press the possibility of Wallypto being integrated into smart products of the South Korean firm.

LG plans to launch Wallypto on Hashgraph: a new generation network based on DLT technology. This network has more than enough speed, accessibility and scalability to support IoT technology.

LG Electronics’ commitment to the internet of things is more than evident. This is evidenced by its association with the company Trusted IoT Alliance in 2018 or the fact of having ThinQ: its own platform dedicated to this technology.

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