Chiliz

Klaytn

Kaia

South Korean tech conglomerate Naver is launching its first-ever crypto wallet, Naver Pay Wallet, in partnership with the sport-focused blockchain Chiliz.
Chiliz, a layer-1 blockchain built around supporting <a data-ct-non-breakable="null" href="https://cointelegraph.com/explained/what-are-fan-tokens-and-how-do-they-work" rel="null" target="null" text="null">fan tokens</a>, stated in an Aug. 29 X <a data-ct-non-breakable="null" href="https://x.com/Chiliz/status/1829301695010017533" rel="null" target="null" text="null">post</a> that it was chosen as the inaugural blockchain for the wallet, which is available to over 33 million Naver users.
Naver — known as “the Google of South Korea” — runs the country’s most used search engine. It was the most visited website in South Korea last month with 1.7 billion visits, <a data-ct-non-breakable="null" href="https://www.similarweb.com/website/naver.com/#overview" rel="null" target="null" text="null">according</a> to Similarweb.
The wallet is managed by Naver subsidiary Naver Pay, which reportedly has over 97,000 merchant users.
<figure>
 <img alt="Chiliz blockchain and ‘Google of South Korea’ partner on crypto wallet" name="" src="https://s3.cointelegraph.com/uploads/2024-08/0191a1d3-4bdd-76b3-bca8-0f93e5f94f23">
 <figcaption style="text-align: center;">
 Source: <a data-ct-non-breakable="null" href="https://x.com/Chiliz/status/1829301695010017533" rel="null" target="null" text="null">Chiliz</a>
 </figcaption>
</figure>
“The Naver Pay Wallet is not aiming to become a typical crypto wallet, but a service around utility and loyalty blockchain technology,” Chiliz founder and CEO Alexandre Dreyfus <a data-ct-non-breakable="null" href="https://techcrunch.com/2024/08/29/south-korean-tech-giant-naver-launches-crypto-wallet-in-partnership-with-chiliz/" rel="null" target="null" text="null">told</a> TechCrunch.
The wallet is in beta and is non-custodial — meaning users will retain their wallet’s <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/public-key-vs-private-key" rel="null" target="null" text="null">private key</a> — and can hold both cryptocurrencies and non-fungible tokens.
Dreyfus said more functionality is yet to come, with planned integrations with decentralized apps (DApps), fan tokens and a merchant loyalty program.
He added the target customers are “tech-savvy,” already use Naver Pay digitally, and are “interested in exploring blockchain technology, particularly in the realms of sports, entertainment, and digital assets.”
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/crypto-exchange-employees-surpass-south-korean-bank-salaries" rel="null" target="null" text="null">South Korean crypto exchange employees out-earn staff at major banks</a>
While the Chiliz blockchain is the wallet’s first, Dreyfus said Naver could 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 major stake in — also moved into crypto.
Line <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/line-telegram-dapps-kaia-mainnet-launch" rel="null" target="null" text="null">is set to get</a> so-called “mini DApps” — blockchain-based applications that work within the messaging app — after the Kaia blockchain launched its mainnet on Aug. 29.
The Kaia chain was <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/klaytn-finschia-blockchains-merge-new-foundation-abu-dhabi" rel="null" target="null" text="null">formed with the February merger</a> of Line’s Finschia blockchain and the Klaytn blockchain from major South Korean social app maker Kakao.
Asia Express: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/bitcoin-mining-crackdown-epicenters-nft-phishing-scam-asia-express/" rel="null" target="null" text="null">Bitcoin miners steamrolled after electricity thefts, exchange ‘closure’ scam</a>

Chiliz blockchain and ‘Google of South Korea’ partner on crypto wallet

Cointelegraph

Other articles published on Aug 30, 2024

P2E Game DIGI Promises Early Gains As ETH And BNB Endure Market Downturn

El Salvador President: Strategy to Promote BTC Still Not Widespread

BlackRock’s Bitcoin ETF registers second-ever outflow of $13.5M

Optimism (OP) Price Actions Seem Bearish, But Holders Enjoy Profit

Machi Big Brother announces $5M token presale event

Crypto hackers have stolen $1.2bn in 2024

Join our free newsletter for daily crypto updates!