South Korean internet search company Naver is developing a non-custodial crypto wallet, with the Chiliz blockchain serving as its first.
South Korean tech giant Naver is introducing its first cryptocurrency wallet, Naver Pay Wallet, in collaboration with the sports-focused blockchain platform Chiliz.
Chiliz, a layer-1 blockchain designed to support fan tokens, announced in an August 29 post on X (formerly Twitter) that it has been selected as the initial blockchain for this new wallet, which is available to over 33 million Naver users.
Often referred to as “the Google of South Korea,” Naver operates the country’s most popular search engine. According to Similarweb, it was the most visited website in South Korea last month, with 1.7 billion visits.
The wallet is managed by Naver’s subsidiary, Naver Pay, which reportedly has more than 97,000 merchant users.
In an interview with TechCrunch, Chiliz founder and CEO Alexandre Dreyfus said, “The Naver Pay Wallet is not aiming to become a typical crypto wallet, but a service around utility and loyalty blockchain technology.”
Currently in its beta phase, the wallet is non-custodial, meaning users maintain control of their private keys and can hold both cryptocurrencies and non-fungible tokens (NFTs).
Dreyfus mentioned that additional features are planned, including integration with decentralized apps (DApps), fan tokens, and a merchant loyalty program.
He added that the target users are “tech-savvy,” already use Naver Pay digitally, and are “interested in exploring blockchain technology, particularly in the realms of sports, entertainment, and digital assets.”
Although the Chiliz blockchain is the first to be supported by the wallet, Dreyfus noted that Naver might expand support to include a broader range of blockchains in the future.
The launch of Naver’s crypto wallet comes just a day after the company’s messaging app, Line—which Naver launched in Japan in 2011 and still holds a significant stake in—also ventured into the crypto space.
Line is set to introduce “mini DApps”—blockchain-based applications that operate within the messaging app—following the mainnet launch of the Kaia blockchain on August 29.
The Kaia chain was established in February through the merger of Line’s Finschia blockchain and the Klaytn blockchain from Kakao, a major South Korean social app developer.
