Chiliz Blockchain Partners with South Korea's Top Search Engine on Crypto Wallet

August 30, 2024 09:21 PM AEST | By Team Kalkine Media

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Chiliz Blockchain Partners with South Korea's Top Search Engine on Crypto Wallet — Image source: shutterstock

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South Korean technology giant Naver is introducing its first non-custodial cryptocurrency wallet, the Naver Pay Wallet, in collaboration with the Chiliz blockchain. This marks a significant expansion of Naver’s digital services into the cryptocurrency space.

Chiliz, a layer 1 {blockchain} platform specializing in fan tokens and engagement, has been selected as the inaugural blockchain for the Naver Pay Wallet. This wallet will be accessible to Naver’s extensive user base, which exceeds 33 million individuals. Naver, often referred to as "the Google of South Korea," operates the country’s leading search engine and had 1.7 billion visits last month, according to Similarweb data.

Managed by Naver’s subsidiary, Naver Pay, the new wallet is designed to support both cryptocurrencies and non-fungible tokens (NFTs). Unlike traditional custodial wallets, the Naver Pay Wallet is non-custodial, meaning users will retain control of their private keys. The wallet is currently in its beta phase and aims to provide a service focused on utility and loyalty within the blockchain ecosystem.

Alexandre Dreyfus, founder and CEO of Chiliz, highlighted that the Naver Pay Wallet is not intended to be a conventional crypto wallet but rather a platform integrating utility and loyalty features linked to blockchain technology. Future updates will include integrations with decentralized applications (DApps), fan tokens, and merchant loyalty programs.

The target audience for the Naver Pay Wallet includes tech-savvy users who are already familiar with Naver Pay and are interested in exploring blockchain technology, particularly in the areas of sports, entertainment, and digital assets. Although Chiliz is the initial blockchain supported by the wallet, there is for additional blockchain integrations in the future.

This development comes shortly after the messaging app LINE, which Naver co-owns, announced its own blockchain advancements. LINE will incorporate "mini DApps"—blockchain-based applications that function within the messaging platform—following the launch of the Kaia blockchain's mainnet on August 29. The Kaia blockchain emerged from the merger of LINE’s Finschia and Kakao’s Klaytn blockchains.

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