SK Telecom set to debut Web3 wallet services in South Korea

SK Telecom and Partners Set to Introduce Web3 Wallet

There has been significant recent development within the Web3 industry, as South Korean telecommunications giant SK Telecom is primed to launch a Web3 wallet in collaboration with Aptos and Atomrigs Lab. The initiative is aimed at harnessing the potential of blockchain technology and expanding the company’s offerings in the rapidly growing digital space.

SK Telecom, in an official announcement on November 7, revealed that they have signed a “tripartite agreement” with Aptos Labs & Atormrigs Lab. The South Korean tech giant stressed its intention to expand its affiliations by teaming up with these blockchain firms in a three-way agreement, marking a strategic move to strengthen their connections with customer-preferred magnets and decentralized applications (dApps), with a particular focus on their Web3 wallet service, T wallet.

In a statement, SK Telecom expressed their commitment to enhancing the user experience through seamless access to the promising decentralized application ecosystem within Aptos. They added that the innovative MoveVM blockchain technology offered by Aptos would significantly advance accessibility to Web3 services for a broader audience. The company also took to its official Twitter handle to share the update, promising its users a seamless and secure Web3 experience. The Aptos Lab responded to this announcement by stating that the upcoming integration will make Web3 more accessible in Korean.

SK Telecom’s plans to launch a Web3 wallet and NFTs were initially set in motion in July 2022. The company had previously collaborated with notable tech companies such as AhnLab Blockchain and Atomix Lab to create the wallet, aiming to use Soulbound Tokens (SBTs) for credentials verification and digital asset storage. The recent collaboration with Aptos and Atomrigs Lab represents a shift in this direction.

The introduction of the T wallet by SK Telecom could have a significant impact on South Korea’s already active cryptocurrency market. In fact, data from South Korea’s National Tax Service (NTS) indicates that almost 80% of the country’s residents hold their overseas assets in cryptocurrency, with a substantial value of 186.4 trillion won represented in digital assets. Out of this, around 70% is in the form of digital assets, highlighting the potential for further growth with the introduction of the T wallet.

In conclusion, the collaboration between SK Telecom, Aptos, and Atomrigs Lab marks a significant milestone in the Web3 industry, with the potential to boost South Korea’s cryptocurrency market. This move reflects the company’s commitment to leveraging blockchain technology and expanding its digital offerings.

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J-S Tremblay
About the author - J-S Tremblay

I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...

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