The South-Korean tech company, LG Electronics is set to release a digital asset wallet called “Wallypto” in the third quarter of 2022.
According to a local news media report, LG has been running beta tests of the application since August and is currently in the final verification phase.
An LG employee also disclosed to the media that while the company has yet to decide the practical utility of the application, it is in the stages of preparing for the emerging use cases of blockchain.
According to an application filed with the United States Patent and Trademark Office, the wallet will manage and verify crypto transactions using blockchain technology and will be under inventory management for crypto exchange.
The local media report also suggests that the crypto wallet might be linked with some of LG’s electronic appliances, such as products built on the company’s Internet of Things (IoT) platform LG ThinQ.
The crypto wallet is built on the Hedera Hashgraph blockchain. It supports Hedera’s HTS tokens. However, it is alleged that LG will expand its list of supporting networks and tokens after the official release.