South Korea’s leading tech conglomerate Naver is making its debut in the cryptocurrency space with the launch of its first-ever crypto wallet, Naver Pay Wallet. This new wallet is being introduced in collaboration with Chiliz, a blockchain platform known for its focus on fan tokens.
In an announcement on August 29, Chiliz revealed that it will be the inaugural blockchain supported by Naver’s new wallet, which will be accessible to over 33 million Naver users. Naver, often referred to as “the Google of South Korea,” operates the country’s most popular search engine and was the most visited website in South Korea last month, recording 1.7 billion visits according to Similarweb.
Managed by Naver’s subsidiary, Naver Pay, the new wallet is designed to cater to a broad audience. Naver Pay boasts over 97,000 merchant users, which adds significant value to the wallet’s rollout.
Chiliz founder and CEO Alexandre Dreyfus shared with TechCrunch that the Naver Pay Wallet aims to go beyond traditional crypto wallets by focusing on utility and loyalty through blockchain technology. The wallet, which is currently in its beta phase, is non-custodial, meaning users will control their own private keys and can store both cryptocurrencies and non-fungible tokens (NFTs).
Dreyfus mentioned that additional features are planned, including integrations with decentralized apps (DApps), fan tokens, and a merchant loyalty program. The target audience for the wallet includes tech-savvy users who are already familiar with Naver Pay and are keen to explore blockchain technology, particularly in sports, entertainment, and digital assets.
While Chiliz will be the initial blockchain supported by the wallet, there is potential for Naver to expand support to other blockchains in the future.
This launch comes shortly after a significant development from Naver’s messaging app, Line. The app, which Naver launched in Japan in 2011 and continues to have a major stake in, is also advancing into the crypto space. Line is introducing “mini DApps” within its platform following the mainnet launch of the Kaia blockchain on August 29. The Kaia chain emerged from the merger of Line’s Finschia blockchain and Kakao’s Klaytn blockchain earlier this year.
