South Korea-based LG Electronics is reportedly preparing to release its first crypto wallet application named “Wallypto” in the third quarter of 2022. 

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Fast facts

  • LG Electronics has been running a beta test of the application with developers since August and is in the final verification phase, local media reported Wednesday.
  • “Wallypto” is built on the Hedera Hashgraph blockchain and currently supports Hedera’s HTS tokens, but is expected to expand the list of supporting networks and tokens upon official release.
  • One LG official told local news agency News1 that the company has yet to decide the practical utility of the application, but is in the stages of preparing for the emerging use cases of blockchain.
  • Local media reported that “Wallypto” may be linked with some of LG’s electronic appliances such as products built on the company’s Internet of Things (IoT) platform LG ThinQ.
  • Earlier this year, LG announced that it will incorporate non-fungible token (NFT) platform features on its line of smart televisions, following a similar move by rival Samsung Electronics.
  • Last year, LG Electronics was the biggest seller of home appliances in the world, registering sales of 27.11 trillion Korean won (about US$20 billion) in sales.

See related article: LG to follow Samsung adding NFT features to flagship TVs