SK Telecom, officially known as Korea Mobile Telecommunications Services Corp, stated on July 11 that it had established a collaboration agreement with AhnLab Blockchain Company and Atomrigs Lab to build a digital asset wallet service.
According to Korea JoongAng Daily, the crypto wallet would be able to hold many types of digital assets, including cryptocurrencies, non-fungible tokens (NFTs), and other blockchain-powered tokens used for identity verification.
Specifically, the digital wallet technology created by the Seoul-based startup Atomrigs Lab will serve as the basis for the wallet service, while SK Telecom and AhnLab Blockchain Company will oversee the service’s product development and continuous operation.
South Korean Telecom to create Web3 Wallet. Image: Adobe Stock
The wallet has MPC encryption.
In April, the AhnLab Blockchain Company was established in Pangyo, Gyeonggi, under the name AhnLab Blockchain Company.
Atomrigs Lab was created in 2018 and specialises in blockchain-related services. The new digital wallet service will use Atomrigs Lab’s Secure MPC encryption technology.
“The online environment is shifting into the Web3 era, where the user owns and manages all the data,” said Oh Se-Hyeon, who is leading the digital asset unit of SK Telecom.
He stated, “This joint project of Web3 digital wallet will be a crucial starting point for SK Telecom’s response to the Web3 market.”
The third generation of internet technology, or Web3, is defined by the fact that consumers maintain control over their data. Web 1.0 stressed one-way communication from the online space to the user, but Web 2.0 emphasises two-way communication via a central internet platform.
“Personal wallets are hindering the expansion of blockchain ecosystem because it’s very hard to make them safe and convenient to use at the same time,” stated Atomrigs Lab CEO Cheong Woo-Hyeon.
Kang Suk-Kyoon, the chief executive officer of AhnLab Blockchain Company, said that the company’s vital technologies, such as the currently-under-development multi-platform support for ABC Wallet and the security threat response mechanism, will be included in the joint effort.