Quick take:
- SK Telecom is expanding its Web3 strategy with a crypto wallet for the mass adoption of users.
- The Korean telecommunications giant has teamed up with Atomrigs Lab to jointly develop a Web3 wallet on the Aptos blockchain.
- The wallet will utilise Atomrigs’ multi-party computation (MPC) encryption technology to secure assets.
SK Telecom (SKT), South Korea’s largest telecommunications company is ramping up its Web3 strategy with a new crypto wallet designed for the mass adoption of users. The company has teamed up with Ahnlab’s blockchain subsidiary Atomrigs Labs to build a Web3 wallet on the Aptos blockchain.
According to the announcement, SKT wants to build a wallet that can hold a variety of virtual assets including non-fungible tokens (NFTs), digital IDs, and cryptocurrencies like Ethereum and Klayton.
The wallet will utilise Atomrigs multi-party computation (MPC) encryption technology to enhance the security of assets.
Announcing the partnership via a post on X, SK Telecom said the wallet is part of its commitment “to delivering a seamless and secure Web3 experience for users.”
The company already runs the social metaverse platform Ifland, which went global in November 2022.
Aptos Labs has been expanding its partnership portfolio with some of the world’s largest companies as it seeks to onboard masses to Web3. In September, it teamed up with Universal Pictures to bring the latest instalment of the Exorcist film franchise to Web3.
In August, the company announced a partnership with Microsoft Azure OpenAI Service to build Aptos Assistant.
Earlier in 2023, the company collaborated with global payments giant Mastercard to build Mastercard Crypto Credentials, an on-chain identity and verification framework that can be used across payments, remittances, ticketing and NFTs applications.
SKT plans to link its Web3 wallet with its mobile wallet, further expanding its applicable use cases.
Commenting on the announcement, Oh Se-hyun, CO in charge of SKT Digital Asset, said: “The current online environment is transitioning to the Web3 era where users directly own and manage all data,” and “This Web3 wallet joint project is an important starting point for SKT to respond to the Web3 market.”
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