LG plans to restructure its business portfolio and modernize its hardware division.
The blockchain-powered digital asset wallet is built on the Hedera Hashgraph platform.
Amidst volatile digital asset market circumstances, several electronic heavyweights are joining the race to Web3. To that end, the South Korean electronics giant LG is apparently aiming to provide a utility service by the end of the third quarter.
It has been reported that LG would introduce a blockchain-powered digital asset wallet built on the Hedera Hashgraph platform. Its name will be Wallypto. This is part of LG’s plan to restructure its business portfolio and modernize its hardware division. Information in the report suggests the organization will seek to create synergy by integrating blockchain technology into existing operations.
Forays into Blockchain and NFT sector
The electronic behemoth may now join the blockchain and NFT sector thanks to this. LG has already been testing the app with programmers in a beta status over the last month. Still, it’s being double-checked before release. There are rumors that the next “Wallypto” platform will be based on Hedera and will have support for the HTS token, which is used on the Hedera network. Meanwhile, it plans to increase the number of networks it is compatible with. However, NFTs may also be registered by users.
LG has already said that it would include NFT platform characteristics in its electrical products. LG has not yet used the application in a commercial building, per corporate policy. However, it’s still in the early stages of developing the technology’s potential applications.
However, it’s possible that they’ll eventually develop their own blockchain-based platform. The electronic giant is always on the lookout for new markets to enter. LG is attempting to use it in the ‘LG ThinQ’ IoT platform.