SK Telecom Plans To Launch Web3 Wallet

Telecom giant SK Telecom will partner with AhnLab Blockchain and Atomix Labs to design a digital storage wallet focused on cryptocurrency and Web3.

SK Telecom says its blockchain arm will partner with Blockchain company AhnLab and Atomix Lab to develop and operate a Web3 wallet. According to the announcement, the company will use Soulbound Tokens (SBT) to verify credentials including membership and many other certifications in addition to the ability to store crypto assets.

Atomix Lab will use secure multi-party computing encryption for this Web3 wallet, after which the company will continue to provide technical support, while SK Telecom and AhnLab Blockchain will take over the business.

As one of the largest mobile carriers in South Korea, SK Telecom introduces a user-friendly Web3 wallet that could have implications for crypto adoption in the country. As of December 2021, about 30 million people in South Korea have mobile subscriptions through the company, accounting for about 58% of the total population.

This is not the first time SK Telecom has had direct exposure to the crypto industry, before that in November 2021, the company invested $75 million in the domestic Korbit exchange.

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