South Korean Tech Giant Naver Introduces Crypto Wallet Developed With Chiliz

Amidst an ever-expanding wave of web3 initiatives, South Korean tech giant Naver has entered the digital asset sphere with the introduction of its first crypto wallet, the Naver Pay Wallet. In collaboration with the sports and entertainment blockchain provider Chiliz, Naver is targeting the Korean market with innovations aimed at both utility and loyalty. As a non-custodial wallet, Naver Pay Wallet allows users to control their private keys and digital assets securely. This is prepared by SSP.

Founded on Naver's extensive digital ecosystem, the wallet complements Naver Pay, a highly utilized mobile payment service boasting over 97,000 merchant users and an expansive online and offline reach. With beta features in place, the wallet currently supports cryptocurrency and NFT management for more than 33 million users. By leveraging the Chiliz Chain as the initial blockchain, Naver plans to introduce additional blockchain support and integrated functionalities, such as decentralized apps (DApps), fan tokens, and a merchant loyalty program.

"We’re not just making another crypto wallet," said Alexandre Dreyfus, CEO of Chiliz, to TechCrunch, "our goal is to utilize blockchain technology for practical and loyalty-focused services." This vision posits Naver Pay Wallet as a tool for tech-savvy South Koreans interested in the fusion of digital transactions and blockchain technology, especially within the realms of sports, entertainment, and digital assets.

Their strategic move is mirrored by a similar initiative from Naver-owned messaging app LINE, which recently launched mini DApps following the mainnet deployment of the Kaia blockchain. This latest development joins Naver's extensive suite aimed at positioning it as a leading digital ecosystem in South Korea.

As they venture further into crypto territory, Dreyfus notes that Naver has the strong potential to become the "Google Pay" or "Apple Pay" of South Korea’s blockchain arena. The partnership reportedly does not involve direct investment but focuses on combining resources and expertise to streamline user adoption of blockchain technologies and highlight Naver’s proactive stance in the digital finance evolution.