Chiliz Announces New Partnership for Crypto Wallet Launch

South Korean tech powerhouse Naver is introducing its first cryptocurrency wallet, Naver Pay Wallet, in collaboration with the blockchain platform Chiliz, which focuses on fan tokens.

Chiliz announced on August 29 that it will be the blockchain for this new wallet, which is set to be used by Naver’s 33 million users.

Naver, a leading search engine in South Korea and the most visited website there, aims to offer a unique wallet experience that combines blockchain technology with utility and loyalty features.

The wallet, managed by Naver Pay, is currently in its beta phase and is designed to be non-custodial, giving users control over their private keys.

It supports both cryptocurrencies and NFTs. Future updates are expected to include integrations with decentralized apps, fan tokens, and merchant loyalty programs.

Naver’s move into crypto follows a similar shift by the messaging app Line, which Naver partly owns. Line is set to incorporate blockchain-based mini applications through the newly launched Kaia blockchain, resulting from a merger between Line’s Finschia and Kakao’s Klaytn blockchains.