On Wednesday, Korea’s Financial News reported that LG Electronics is planning to release a cryptocurrency wallet, Wallypto and is currently going through beta testing. The launch date is possibly this quarter but certainly within a year. LG has not confirmed the report, and another news outlet received a comment from the company saying, “There is no confirmed use case yet as the application was filed in order to preempt the trademark rights.”
However, this is not just for the name LG but for this new brand Wallypto which implies more intent.
Ledger Insights confirmed a Wallypto trademark application in the United States, which mainly includes various cryptocurrency functions such as trading and asset management. However, the application also encompasses blockchain-based inventory management.
Financial News says the wallet is initially linked to the Hedera Hashgraph DLT, where LG is a member of the governing council. However, the screenshots mention the Ethereum Mainnet, although Hashport is intended to let cryptocurrencies flow between Hedera and Ethereum. Other blockchains will be added to the wallet after launch, and the app supports non-fungible tokens (NFTs).
Given that LG Electronics is launching the app, the choice of Hedera might point towards business applications such as inventory management or other Internet of Things (IoT) usage. After all, LG is also on the governance council of Korea’s Klaytn network. The benefit of Hedera is low transaction fees.
Meanwhile, LG Electronics has launched smart TVs that support non-fungible tokens, as has competitor Samsung. Different divisions of LG, particularly LG CNS, have been deploying blockchain applications for years, especially around decentralized identity, and even launched its own blockchain service MonaChain.