SK Telecom has signed a joint agreement with other blockchain firms aimed at developing a digital wallet that can support cryptocurrencies and NFTs.
SK Telecom said its blockchain arm would be collaborating with AhnLab Blockchain Company and Atomix Lab to develop and operate a Web3 wallet. The firm stated that it will be using Soulbound Tokens to confirm credentials seemingly including memberships and certifications in addition to being capable of storing digital assets.
Atomix Lab will use secure multiparty computation encryption for the blockchain wallet, after which time the firm will stay on for technical support, while SK Telecom and AhnLab Blockchain Company take over the operation.
As of December 2021, roughly 30 million people in South Korea have mobile subscriptions through SK Telecom which is roughly 58% of the total population. In 2020, the company also launched a wallet for blockchain powered digital certificate storage aimed at addressing certifications amid the pandemic.
These developments come amid South Korean, Terraform Labs involvement around the crypto market downturn since May, following TerraUSD depegging from the U.S. dollar and the price of Terra dropping significantly.
