South Korea’s SK Telecom to build its first Web3 wallet

SK Telecom has partnered with blockchain firms AhnLab Blockchain Company and Atomrigs Labs to develop and operate a digital wallet for cryptocurrency management and Web3 access, the South Korean telecommunications giant announced on Monday. 

See related article: South Korea’s second-largest conglomerate to issue own cryptocurrency

Fast facts

• SK Telecom said users of its wallet will be able to store, transfer and receive blockchain-issued tokens such as cryptocurrencies, non-fungible tokens (NFTs) and “soulbound tokens” (SBTs), which are permanent, non-transferable NFTs for verifiable identifications and certificates.
• SK Telecom owns over 47% of all mobile communications users in South Korea as of 2021, according to Korea Information Society Development Institute (KISDI).

• The telecommunications arm of conglomerate SK Group also operates its own metaverse, Ifland, which has a monthly average user base around 1.1 million people. 

• SK Group’s information technology investment subsidiary, SK Square, has been working on its own cryptocurrency that is intended to be used within SK’s Web3 network.

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