SK Telecom To Launch Web3 Wallet Services In South Korea

There has been significant development within the Web3 industry recently. South Korean telecommunications giant SK Telecom is set to introduce a Web3 wallet in collaboration with Aptos and Atomrigs Lab. 

SK Telecom aims to tap into the potential of blockchain technology and further enhance its offerings in the growing digital space through this alliance. 

SK Telecom Plans To Launch T Wallet

In the early hours of today, November 7, the largest South Korean tech giant announced that they’ve signed a “tripartite agreement” with Aptos Labs & Atormrigs Lab. According to the announcement, South Korea’s tech giant aims to grow its “affiliations by teaming up with these blockchain firms in a three-way agreement.”

SK Telecom said:

This partnership is a strategic move to enhance our affiliations with customer-preferred magnets and decentralized applications (dApps), with a particular focus on our Web3 wallet service, T wallet.

Through this collaboration, users will benefit from the seamless connection to the promising decentralized application ecosystem within Aptos. SK Telecom added:

By leveraging the innovative MoveVM blockchain technology offered by Aptos, this integration represents a significant advancement in making Web3 services more accessible to a broader audience.

SK Telecom also took to its X handle (previously known as Twitter) to share the update, promising its users a seamless and secure Web3 experience. Interestingly, the Aptos Lab responded to this X post by saying the upcoming integration will make Web3 more accessible in Korean.

Meanwhile, SK Telecom (SKT) plans to launch a Web3 wallet and NFTs initially started in July 2022. Then, the firm collaborated with notable tech companies like AhnLab Blockchain and Atomix Lab to create the wallet.

The company planned to use Soulbound Tokens (SBTs) to verify credentials like memberships and certifications, as well as store digital assets. But now, it has moved on with new partners. 

SK Telecom Wallet Could Boost South Korea’s Cryptocurrency Market

On September 20, South Korea’s National Tax Service (NTS) shared official data, stating that almost 80% of its residents hold their overseas assets in cryptocurrency.

According to data, 5,419 individuals and businesses store their overseas financial accounts in digital assets. This includes assets like cryptocurrencies, stocks, and both deposits and savings.

In total, these financial assets amount to a substantial 186.4 trillion won, equivalent to $140 million in value. Out of the total, about 70%, which is roughly $130.8 trillion, represents digital assets.

This data shows that out of the total number, 1,432 institutions and individuals possess digital assets. SK Telecom’s introduction of the T wallet could boost the already active crypto market in Korea.