SK Telecom launches crypto wallet

SK Telecom, officially known as Korea Mobile Telecommunications Services Corp, stated on July 11 that it has established a collaboration agreement with AhnLab Blockchain Company and Atomrigs Lab to build a digital asset wallet service.

According to Korea JoongAng Daily, the crypto wallet would be able to hold many types of digital assets, including cryptocurrencies, non-fungible tokens (NFTs), and other blockchain-powered tokens that may be used for identity verification.

Specifically, the digital wallet technology created by the Seoul-based startup Atomrigs Lab will serve as the basis for the wallet service, while SK Telecom and AhnLab Blockchain Company will oversee the service’s product development and continuous operation, respectively.

The wallet will be protected using MPC encryption

In April, the AhnLab Blockchain Company was established in Pangyo, Gyeonggi, under the name AhnLab Blockchain Company.

Atomrigs Lab was created in 2018 and specialises in blockchain-related services. The new digital wallet service will use Atomrigs Lab’s Secure MPC encryption technology.

“The online environment is transitioning towards the Web3 era, in which the user owns and controls all data,” said Oh Se-hyeon, head of SK Telecom’s digital asset business.

He added: SK Telecom’s reaction to the Web3 industry will begin with this Web3 digital wallet joint initiative.

Web3 wallet

The third generation of internet technology sometimes referred to as Web3 or Web 3.0, is defined by the fact that consumers maintain control over their data. Web 1.0 stressed one-way communication from the online space to the user, but Web 2.0 emphasises two-way communication via a central internet platform.

“Personal wallets limit the growth of the blockchain ecosystem because it is difficult to make them both secure and user-friendly,” stated the CEO of Atomrigs Lab, Cheong Woo-hyeon.

Kang Suk-kyoon, the chief executive officer of AhnLab Blockchain Company, said that the company’s vital technologies, such as the currently-under-development multi-platform support for ABC Wallet and the security threat response mechanism, will be included in the joint effort.

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