- Naver, the internet giant of South Korea, has launched its first digital asset wallet in collaboration with Chiliz.
- Alexandre Dreyfus said, “Naver Pay Wallet is not aiming to become a typical crypto wallet but a service around utility and loyalty blockchain technology.”
- Naver has led investments in NXN Labs, Cenacle Soft, and Wallapop and has also invested in 100+ other firms.
Several mainstream companies have already explored the potential of blockchain by incorporating it into their in-house products. Yet, the adoption of blockchain technology is frequently growing in industries such as finance, pharmaceutical, automobile, and others.
According to recent information, Naver, the ‘Google of South Korea,’ has launched its first in-house digital asset wallet. The wallet is designed to integrate with Chiliz.
The launched wallet is named ‘Naver Pay’ and is a mobile payment service; its new crypto wallet, Naver Pay Wallet, offers a non-custodial wallet, enabling users to control their private keys and digital assets directly.
Alexandre Dreyfus, the chief executive officer and founder of Chiliz, cited, “The Naver Pay Wallet is not intended to be a traditional cryptocurrency wallet. Instead, it aims to provide a unique service focused on blockchain technology loyalty.”
Chiliz (CHZ) is a cryptocurrency and blockchain-based platform focusing on sports and entertainment. It allows users to engage with their favourite sports teams and influencers via tokenized voting rights, rewards, and more.
Naver’s Dominance: Funding, Acquisitions, and Market Reach
Data from Crunchbase notes that Naver has raised $438.5 million in a post-IPO equity funding round. Korea Ventures Investment Corp, Capstone Partners, Mirae Assets, and KD Securities are major investors of this internet giant.
Naver has made several significant acquisitions, expanding its reach and capabilities. Naver acquired Poshmark for $1.6 billion; additionally, it acquired Wattpad for $600 million.
In other acquisitions, Naver also bought Gogolook and Xerox Research Center Europe, although the financial terms of these buys were not disclosed.
Naver has led investments in NXN Labs, Cenacle Soft, and Wallapop and has also invested in 100+ other firms.
Statista states that as of April 2024, 95.05% of the web portal’s traffic derived from within the borders of S.K. Meanwhile, the United States accounted for a relatively modest 1.6% share of Naver’s audience, underlining the platform’s strong domestic focus.
Crypto Market Price Update
When documenting cryptocurrency, market capitalization was $2.04 Trillion, with a slide of 12.25% in the past 30 days. The existing cap is below 20, 50, 100, and 200 days EMA (exponential moving average).
Bitcoin price seems stuck below the mark of $61k; as of press time, it was trading at $59,545 with a quarterly drop of 11.20%. In the past quarter of 2024, BTC prices enjoyed an unusual rise, registering an all-time high of $73,750.07 on March 14, 2024.
Dogs (DOGS), a trending memecoin, has lost 8.00% intraday, reaching $0.001305. However, the drop in the intraday trading volume has pulled DOGS to 11th position in terms of trading volume.
