Leading South Korean internet company Naver is set to launch its crypto wallet in collaboration with blockchain platform Chiliz. The Naver Pay Wallet will be non-custodial, meaning users will maintain control over their private keys and digital assets.
Naver Pay, originally introduced as a mobile payment service, has grown into a widely used platform, with over 97,000 merchants across South Korea accepting it for transactions. The introduction of the Naver Pay Wallet marks the platform’s first foray into the world of digital assets.
According to Alexandre Dreyfus, founder and CEO of Chiliz, the Naver Pay Wallet aims to go beyond the typical functionalities of a crypto wallet. It focuses on utility and loyalty-based blockchain technology, he said in an interview with TechCrunch.
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Naver’s 33 Million User Base To Get Access To Crypto
The digital asset wallet, currently in its beta phase, will allow Naver’s 33 million users to manage and store digital assets, including NFTs. Furthermore, it will integrate features like decentralized apps, fan tokens, and loyalty programs for merchants within the Naver ecosystem.
The target audience for Naver Pay Wallet includes tech-savvy South Koreans who already utilize Naver Pay for digital transactions and have an interest in exploring blockchain technology, especially in sports, entertainment, and digital assets.
“The target customers are tech-savvy South Koreans who are already using Naver Pay for digital transactions and are interested in exploring blockchain technology, particularly in the realms of sports, entertainment and digital assets,” Dreyfus said.
BREAKING NEWS: Chiliz Launches Strategic Partnership with NAVER Pay for Groundbreaking Digital Assets Wallet 📢
This collaboration marks the launch of NAVER Pay Wallet, NAVER Pay's first Digital Assets Wallet for the 33 million+ users Korean market with Chiliz Chain as its… pic.twitter.com/9uvyKVYQUn
— Chiliz – The Sports Blockchain ⚽🏆 (@Chiliz) August 29, 2024
Meanwhile, Naver’s partnership with Chiliz does not include direct investment, as noted by Dreyfus. The Chiliz Chain will serve as the initial blockchain supported by the wallet, with possibilities for additional blockchain support in future updates.
Dreyfus claimed that Naver’s strong user base and the user-friendly nature of the Naver Pay Wallet could potentially position it as the “Google Pay” or “Apple Pay” of the region.
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South Korea Delays Crypto Taxation Plan Till 2028
Last month, South Korea’s ruling party, the People’s Power Party, put forward a proposal to postpone the introduction of taxes on cryptocurrency trading profits until 2028. The party cited negative sentiment towards virtual assets as the reason behind the postponement.
The proposal argues against rushing into taxing cryptocurrencies amidst their perceived higher risks compared to traditional stocks. The country fears potential market exodus if additional financial burdens are imposed.
Meanwhile, South Korea has introduced new crypto user protection laws. However, analysts have warned that these new regulations could lead to the delisting of numerous cryptocurrencies from local exchanges.
In a bid to address these concerns, South Korea’s Digital Asset Exchange Alliance (DAXA) has announced that they will conduct a comprehensive review of 1,333 cryptocurrencies over the next six months to minimize the likelihood of a sudden and extensive delisting event.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
