South Korean search giant Naver launches crypto wallet in partnership with Chiliz
Date: 2024-08-30 Author: Henry Casey Categories: BUSINESS
Chiliz, a Layer 1 blockchain built to support fan tokens, announced on August 29 that it has been selected as the first blockchain for the wallet, which is available to Naver’s more than 33 million users.
Naver, known as the “Google of South Korea,” operates the country’s most popular search engine. It was the most visited website in South Korea last month with 1.7 billion visits, according to Similarweb.
The wallet is operated by Naver subsidiary Naver Pay, which reportedly has more than 97,000 merchant users.
“Naver Pay Wallet does not aim to be a typical crypto wallet, but rather a utility and loyalty service powered by blockchain technology,” Chiliz founder and CEO Alexandre Dreyfus told TechCrunch.
The wallet is in beta and is non-custodial — meaning users retain their wallet private key — and can store both cryptocurrencies and non-fungible tokens.
Dreyfus said there are plans to add more features in the future, including integration with decentralized applications (dApps), fan tokens, and a merchant loyalty program.
He added that the target customers are “tech-savvy” users who already use Naver Pay digitally and are “interested in exploring blockchain technology, especially in the areas of sports, entertainment, and digital assets.”
While Chiliz’s blockchain is a first for the wallet, Dreyfus said Naver may add support for a wider range of blockchains in the future.
Naver’s crypto wallet comes a day after messaging app Line — which the company launched in Japan in 2011 and still owns a significant stake in — also went crypto.
Line is set to receive so-called “mini dApps” — decentralized blockchain-based applications that run on the messaging app — after the Kaia blockchain launched its mainnet on August 29.
The Kaia chain was formed through the February merger of Line’s Finschia blockchain and the Klaytn blockchain from major South Korean social app maker Kakao.
Overall, the launch of Naver Pay Wallet represents a significant step forward for cryptocurrency adoption in South Korea. By leveraging Naver’s large user base and focusing on practical applications, the wallet could introduce blockchain technology to a wider audience.
