SK Telecom, one of South Korea’s leading telecommunications giants, has announced its partnership with Aptos Network, a layer 1 blockchain protocol, and Atomrigs Lab to launch its crypto wallet dubbed T Wallet.
On November 7, the company revealed on LinkedIn that it aims to broaden its “affiliations with customer-preferred mainnets and decentralized applications (DApps)” using this tripartite agreement with the two blockchain companies.
SK Telecom to Introduce Web3 Wallet for Crypto and NFTs
The upcoming T Wallet service is set to provide South Korean users with a user-friendly and secure platform for managing different types of digital assets, including cryptocurrencies and non-fungible tokens (NFTs).
According to recent data released by the country’s National Tax Service (NTS), about 70% of residents in the country hold their foreign assets in cryptocurrencies. The data disclosed that approximately 5,419 entities reported their overseas financial accounts, containing a total of 186.4 trillion won ($140 million) in assets like digital assets and stocks, as well as deposits and savings.
With the number of people involved in crypto in South Korea, SK Telecom aims to expand the accessibility of its wallet to attract more users and improve adoption in the country.
The company said the collaboration with Aptos and Atomrigs Lab marks a significant milestone as it ventures into integrating the Web 3 wallet into a non-Ethereum Virtual Machine (EVM) blockchain. The move shows its commitment to embracing cutting-edge technologies and broadening the accessibility of Web3 services for a wider audience.
The firm also plans to connect to other decentralized applications (dApp) hosted on the Aptos blockchain.
“We will also provide users with tangible value by connecting to the promising dApp ecosystem within Aptos. 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,” explained the company.
Unlocking Web 3 Opportunities
The company initially announced the launch of the Web 3.0 wallet in July last year, with an emphasis on user accessibility and security as the driving force behind the development of the wallet.
Since then, SK Telecom has made a series of progress towards the rollout of the T Wallet, which is designed to offer users unlimited access to blockchain-based applications on their mobiles to enable them to store their crypto assets.
In August, the company partnered with Polygon Labs to create its own Web 3.0 ecosystem. Shortly after, the telecoms service provider also partnered with Blackbird, a South Korean crypto-focused firm that also oversees the blockchain data and analytics platform called CryptoQuant, to introduce the crypto wallet to bring the wallet services to users.
SK Telecom has now taken a step further in expanding its crypto wallet to other blockchains with the recent partnerships with Aptos and Atomrigs Lab.
Avery Ching, the co-founder and chief technology officer of Aptos, said in a post on X that the new partnership with the telecom company will unlock other unique experiences for internet users with Web 3.0 in mind.
“Looking forward to unlocking new classes of Internet experiences (with blockchain in the background) through Move, sub-second latency, best-in-class throughput, & enterprise-grade operations,” said he.