SK Telecom, AhnLab Blockchain Company, Atomrigs Lab developing wallet

Tech

Published: 11 Jul. 2022, 18:38

SK Telecom, AhnLab Blockchain Company, Atomrigs Lab developing wallet

From left: SK Telecom Senior Vice President Oh Se-hyeon; AhnLab Blockchain Company CEO Kang Suk-kyoon; Atomrigs Lab managing partner and co-founder Bae Kyoung-il [SK TELECOM]

SK Telecom, AhnLab Blockchain Company and Atomrigs Lab agreed to co-develop a digital asset wallet service, the telecom company said Monday.

The digital wallet will be able to carry various types of digital assets, such as cryptocurrencies, non-fungible tokens, and other blockchain-powered tokens that can be used for identity verification, according to SK Telecom.

The digital wallet service will be based on Seoul-based start-up Atomrigs Lab’s digital wallet technology. SK Telecom and AhnLab Blockchain Company will oversee the service product development and operation.

Pangyo, Gyeonggi-based AhnLab Blockchain Company is the antivirus software company AhnLab’s blockchain subsidiary founded in April. Atomrigs Lab, established in 2018, specializes in blockchain-related services.

The new digital wallet service will be powered by 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. “This joint project of Web3 digital wallet will be a crucial starting point for SK Telecom’s response to the Web3 market.”

Web3, or Web 3.0, is the third generation of internet technology, characterized by the user’s ownership of data. Web 1.0 was focused on the one-way communication of information from the online space to the user, while Web 2.0 was characterized by two-way communication through a centralized platform on the internet.

AhnLab Blockchain Company "will adopt various core technologies of ours, such as multi-platform support of ABC Wallet, which is currently under development, and security threat response technique, to the joint project," said AhnLab Blockchain Company CEO Kang Suk-kyoon.

“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,” said Atomrigs Lab CEO Cheong Woo-hyeon.“I’m certain that this cooperation will serve as an important opportunity to popularize decentralized personal wallet.”

The companies held a signing ceremony Monday at AhnLab Blockchain Company’s headquarters building in Seongnam, Gyeonggi, Monday.

BY SHIN HA-NEE [shin.hanee@joongang.co.kr]