The South Korean-based tech firm LG Electronics recently submitted a patent registration application to USPTO (the United States Patent and Trademark Office). The application is for the company’s latest crypto asset wallet, Wallypto.

LG Ventures Into The Crypto Storage Space 

Meanwhile, the crypto wallet is still under testing to limit crashes and system errors. According to reports, this wallet will likely be released later this year.

The latest crypto wallet from LG Marks the company’s foray into the cryptocurrency storage space. The company’s filing with the USPTO revealed the wallet would be a computer software.

This downloadable software would function as a digital wallet. Also, the wallet would verify and manage crypto transactions through blockchain tech. It would be under inventory management for crypto exchanges.

However, LG has been silent about the product and provided no information about the crypto wallet. News 1, a South Korean New media, confirmed the recent development. 

According to News 1, this development would introduce the electronics giant to NFTs and blockchain. 

“When the company is done with final verifications for possible system errors and mishaps, it might release the digital wallet before the end of 2022,” News 1 stated.

Also, News 1 alleged the wallet would be built on HBAR (Hedera) technology. This is because LG is a member of the governing council. 

However, the company has plans to approve more currencies in the future. This would help to boost usage and acceptance among users. However, it is uncertain if the firm will also release mobile-friendly software.

LG Embraces Web3 Development

Furthermore, LG, a popular household name, is famous for producing smart TVs which provide a virtual experience. Two years ago, the company launched a Mastercard and Visa LG payment. The firm has now moved into the blockchain sector to create real-world use cases. 

Earlier in March, the stakeholders of the South Korean company had their annual general market. At the meeting, the stakeholders endorsed the company to pursue Web3 developments and cryptocurrency brokerage. 

Meanwhile, LG is just one among other tech firms that have ventured into the crypto space. Several tech companies have also submitted trademark applications to the USPTO. 

LG’s competitor, Samsung, has also joined the crypto race in the electronics sector. The company had launched Galaxy 10 series, which supports metaverse and NFTs.

Additionally, the company has launched a smart TV with support for NFTs. The South Korean company also added a wallet feature to its Galaxy smartphones.