South Korea’s largest wireless carrier, SK Telecom (SKT), has made a collaboration with Aptos Labs and Atomrigs Lab to take another significant step into the rapidly evolving Web3. Recently, SKT has announced that it will soon launch Web3 wallet services, known as “T Wallet.” The primary objective of this project is to enhance the blockchain experience of users.
South Korea’s SK Telecom launches “T Wallet” for web3
SK Telecom’s journey towards a blockchain wallet for cryptocurrencies and nonfungible tokens (NFTs) began in July 2022. At that time, SKT’s blockchain division joined forces with AhnLab Blockchain Company and Atomix Lab to create and manage a Web3 wallet.
With this latest announcement, SKT is aiming to extend its associations with popular mainnets and decentralized applications. Through this partnership with Aptos Labs and Atomrigs Lab, the telecom company seeks to offer a seamless and secure Web3 experience for its users. Importantly, this collaboration also signifies SKT’s first foray into non-Ethereum Virtual Machine (EVM) blockchain integration.
The partnership will also see T Wallet being integrated into Aptos’ decentralized application (DApp) ecosystem. Users will benefit from the adoption of Aptos’ MoveVM blockchain technology, which promises to enhance the functionality and security of the wallet.
This web3 move came into existence when South Korea’s National Tax Service (NTS) revealed a growing trend of residents holding a significant portion of their overseas assets in cryptocurrency.
Aptos’ token outperforms XRP & BTC in recent price surge
However, it has also been observed that the price of Aptos’ native token, APT, has also surged by approximately 50% in the last 4 weeks, surpassing the gains of XRP and Bitcoin. According to data from CoinMarketCap, which includes market capitalization and 24-hour trading volume, APT currently holds the 35th position. At the time of writing, APT is trading at approximately $7.19, with a 24-hour trading volume of $224 million.
South Koreans hold significant digital assets
Recent data from NTS indicates that more than 70% of residents’ overseas assets are invested in cryptocurrencies. A total of 5,419 entities have reported their overseas financial accounts, which collectively hold assets worth 186.4 trillion won (equivalent to $140 million). These assets encompass cryptocurrencies, stocks, deposits, and savings.
Additionally, South Korea is also in a race to become a Web3 hub and is considered a strong candidate. This is due to its strong stance on cryptocurrency, as it has introduced several cryptocurrency regulation frameworks. Unlike many countries around the world that are hesitant to adopt cryptocurrencies, South Korea has been proactive in this regard.