- South Korea’s Naver has officially entered the cryptocurrency market.
- The company announced a new digital asset solution targeting 33 million users.
- The solution was launched in partnership with popular blockchains.
South Korean internet giant Naver is partnering with Chiliz to launch the first cryptocurrency wallet targeting over 33 million users, the sports-focused blockchain platform said on Friday.
Founded in 1999, Naver is Korea’s first portal website and the country’s most-used search engine, with around 1.7 billion visits in July. The company’s first foray into cryptocurrency via storage solutions underscores the growing appeal of digital assets among institutions.
Naver’s Crypto Wallet
According to an August 30 X post, Naver’s cryptocurrency wallet will be operated by its subsidiary Naver Pay, which reportedly serves over 97,000 merchant users. Naver Pay is the second e-wallet launched by the internet company, following Line Pay, a solution created by its Japanese affiliate.
This non-custodial wallet solution, called Naver Pay Wallet, is still in beta. Users have access to limited non-fungible token (NFT) storage capabilities.
Chiliz founder and CEO Alexandre Dreyfuss said in the report that the wallet will add other features that will allow users to manage their digital assets, interact with decentralized applications, and access fan tokens and the Naver Merchant Network’s loyalty program.
According to Dreyfus, the target audience for this e-wallet includes tech-savvy Koreans who already use Naver Pay and are looking to explore blockchain technology along with sports, entertainment, and digital asset services.
“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.
Naver Pay Wallet adds Chiliz as its first blockchain, and may support more networks in the future.
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