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South Korea Telecom to create “Web3 Wallet”

SK Telecom announced on 11 July that it had signed an agreement with AhnLab’s blockchain subsidiary, AhnLab Blockchain Company (ABC), and Atomix Lab, a blockchain specialist, for the joint development and operation of the Web3 wallet.

Web3 is a generational division of online services;

  • Web1 receives information unidirectionally from a webpage
  • Then refers to an era in which users can own data and provide information in both directions.

The Web3 wallet, jointly developed by the three companies, is a digital asset wallet that allows users to store, transmit and receive various types of tokens issued on the blockchain network.

It can contain virtual assets such as Ethereum and Klaytn, non-fungible tokens for digital contents (NFT), and Soulbound Token (SBT0 used for credentials such as ID cards and certificates of completion.

Users can safely manage their digital assets through the Web3 Wallet and use it as a point of contact for various Web3 Wallet and for various Web3-oriented distributed app services.

Oh Se-Hyeon, SK Telecom’s digital asset CO manager, said, “The current online environment is transitioning to the Web3 era, in which users own and manage all data directly. It will be a starting point.”

ABC CEO Kang Seok-Kyun explained, “We plan to apply various core competencies, such as multi-platform support of ‘ABC Wallet’ currently to security threats in the Web3 environment, to the digital wallet joint project”.