A cooperation agreement between SK Telecom and other blockchain companies is being developed in order to create a digital wallet that can support cryptos, non-fungible tokens (NFTs), and digital credentials.
A Web3 wallet will be created and run by SK Telecom's blockchain division in conjunction with AhnLab Blockchain Company and Atomix Lab, the company announced on July 11.
The company claims that in addition to being able to store digital assets, Soulbound Tokens, or SBTs, will be used to validate credentials, including memberships and certificates.
For the blockchain wallet, Atomix Lab will use safe multiparty computation encryption. After that, the company will continue to provide technical assistance while SK Telecom and AhnLab Blockchain Company "take over the operation."
The project aims to strike a balance between ease and security since, in the words of Atomix Lab CEO Woo-hyun Jung, "the personal wallet is the biggest hurdle to the spread of the blockchain ecosystem."
The introduction of a user-friendly crypto wallet by SK Telecom, one of South Korea's biggest mobile operators, could have an impact on adoption there.
About 30 million South Koreans, or about 58% of the country's population, have mobile subscriptions through SK Telecom as of December 2021.
SK Telecom also introduced a wallet for blockchain-powered digital certificate storage in 2020 to handle certificates in the COVID-19 pandemic.