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Hedera-based Cryptocurrency Wallet Will Be Released By LG Electronics

According to reports, LG Electronics, a South Korean company, will launch “Wallypto,” its first cryptocurrency wallet software, in the third quarter of 2022.

According to local media on Wednesday, LG Electronics has been conducting a beta test of the application with developers since August and is currently in the final verification stage.

“Wallypto” is based on the Hedera Hashgraph blockchain and supports Hedera’s HTS tokens at the moment, while it is anticipated that after its formal launch, it will support more networks and tokens.

According to a representative of LG, the company is now preparing for the potential use cases of blockchain but has not yet decided on the application’s practical utility, according to the local news agency News1.

According to local media, “Wallypto” may be connected to certain of LG’s electrical appliances, such as those made with the company’s LG ThinQ Internet of Things (IoT) platform.

Following rival Samsung Electronics’ lead, LG declared earlier this year that its line of smart televisions will have non-fungible token (NFT) platform characteristics.

With sales of 27.11 trillion Korean won ($20 billion) or so, LG Electronics was the world’s largest seller of home appliances in 2017.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.