South Korean tech giant Naver in partnership with Chiliz Blockchain launches Crypto Wallet

South Korean tech giant Naver has announced the expansion of its reach into the Web3 market with the launch of its first-ever cryptocurrency wallet, Naver Pay Wallet, in partnership with Chiliz, a blockchain platform for sports and entertainment.

Chiliz, in an X post, announced that it has entered into a strategic partnership with NAVER Pay for a groundbreaking cryptocurrency wallet. With Chiliz Chain serving as its first blockchain, this partnership announces the launch of NAVER Pay's first digital asset wallet for the 33 million+ user Korean market.

Chiliz and NAVER Pay are redefining user engagement and digital asset management in South Korea by incorporating blockchain technology into daily digital services.

Naver is referred to as the "Google of South Korea" because it operates the most widely used search engine in the country. The Naver Pay subsidiary, which has over 97,000 merchants, is the parent company of the new cryptocurrency wallet.

In honor of the launch, those who apply for the new wallet will get special NFTs that are minted on the Chiliz Chain. Starting on August 30, Chiliz will also host a special launch party where 50 lucky South Koreans will have the opportunity to win a European football tour. In addition to VIP seats and NFTs, the winners will receive a luxurious travel package to Europe to attend matches between top football clubs.

In an interview with TechCrunch, Alexandre Dreyfus, the founder and CEO of Chiliz, said that the Naver Pay Wallet is not intended to become a regular cryptocurrency wallet but rather a service centered around loyalty and utility blockchain technology.

Naver Pay is a payment service that was first introduced on Naver's e-commerce platform, Naver Shopping, and is currently used by over 97,000 offline and online retailers in South Korea. Dreyfus added that the digital asset wallet is a useful test platform for prospective loyalty programs for retailers on Naver that use Chiliz blockchain technology.

The wallet is presently in beta version and allows 33 million users to store and manage their NFTs. Dreyfus claims that it will also have additional features like fan tokens, decentralized app integration, and a merchant network loyalty program for Naver. The user-friendly Naver Pay Wallet platform will lower the entry barrier for blockchain technology and help accelerate its widespread adoption, Dreyfus added.

In upcoming Naver Pay Wallet updates, Naver may add support for additional blockchains.

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