South Korea's tech titan, Naver, is making a significant leap into the cryptocurrency arena with the launch of its first digital wallet, the Naver Pay Wallet.
This pioneering move is in partnership with Chiliz, a blockchain platform known for its focus on fan tokens.
As the wallet enters its beta phase, it represents Naver's inaugural foray into the crypto space, promising to integrate blockchain technology into South Korea’s digital ecosystem in a new and impactful way.
L-R: Naver Pay’s CEO Park Sang-jin and Chiliz’s CEO Alexandre Dreyfus
Chiliz, a Layer 1 blockchain renowned for its support of fan tokens and sports-centric blockchain applications, has been selected as the debut blockchain for the Naver Pay Wallet.
This choice was announced in a post on X (formerly Twitter) on 29 August, highlighting Chiliz's role as the foundational technology behind Naver's new venture.
Alexandre Dreyfus, Chiliz’s founder and CEO, emphasised that the wallet would not follow the conventional path of a typical crypto wallet.
Instead, it is designed with a focus on utility and loyalty, integrating blockchain technology in a way that enhances both user experience and merchant interactions.
The launch of the Naver Pay Wallet opens up the cryptocurrency world to an impressive 33 million Naver users.
Known for its extensive reach, Naver is often dubbed “the Google of South Korea.”
The platform, which boasts a dominant presence in the South Korean digital landscape, recorded 1.7 billion visits last month according to Similarweb, highlighting its significant user base.
Naver's Website
By offering this new wallet, Naver is poised to facilitate the adoption of digital assets among a broad audience, effectively merging its vast user network with the burgeoning world of blockchain technology.
The operational aspects of the Naver Pay Wallet will be overseen by Naver Pay, a subsidiary of Naver that currently caters to over 97,000 merchants.
Unlike traditional cryptocurrency wallets, the Naver Pay Wallet is crafted with a specific emphasis on blockchain utility and merchant loyalty rather than merely storing digital currencies.
Alexandre Dreyfus explained to TechCrunch:
“The Naver Pay Wallet is not aiming to become a typical crypto wallet, but a service around utility and loyalty blockchain technology.”
This indicates a strategic shift towards integrating blockchain into practical, everyday applications beyond simple asset storage.
The Naver Pay Wallet, currently in beta, offers users a non-custodial experience, meaning they retain direct control over their private keys.
This feature is crucial for ensuring that users have complete ownership of their digital assets, including both cryptocurrencies and non-fungible tokens (NFTs).
Dreyfus hinted at exciting future enhancements, including the integration of decentralised applications (DApps), fan tokens, and a merchant loyalty program.
Simon Kim, #Hashed’s CEO & Managing Partner, shares:
The wallet is specifically targeted at tech-savvy South Koreans who are already familiar with Naver Pay and are keen to explore blockchain’s potential in sports, entertainment, and digital assets.
While Chiliz is the first blockchain integrated into the Naver Pay Wallet, there are indications that Naver may extend support to additional blockchains in future updates.
This flexibility could allow the wallet to cater to a broader range of digital assets and functionalities, potentially positioning it as a versatile tool in the South Korean crypto market.
Naver’s crypto wallet launch aligns with a broader trend in South Korea, where interest in cryptocurrencies is rising, especially among the younger demographic.
A recent survey revealed that a significant portion of South Koreans aged 20-39 are losing confidence in the national pension system, with many turning to stocks and cryptocurrencies for retirement planning.
Additionally, approximately 7% of election candidates in South Korea have disclosed ownership of digital assets, reflecting the growing mainstream acceptance of cryptocurrencies.
This launch also coincides with other notable moves by Naver in the crypto space.
The company’s messaging app, LINE, is set to introduce blockchain-based “mini DApps” following the recent mainnet launch of the Kaia blockchain.
The Kaia blockchain emerged from the merger of LINE’s Finschia and Kakao’s Klaytn blockchains, further highlighting South Korea’s significant role in the global cryptocurrency market.
With these developments, Naver is strategically positioning itself to be a major player in the intersection of digital payments and blockchain technology, leveraging its extensive user base and technological expertise.
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