South Korean telecommunications giant SK Telecom has joined forces with blockchain analytics firm CryptoQuant’s developer, Team Blackbird, to introduce a cryptocurrency wallet. The newly launched product, T wallet, is a blockchain-based mobile application allowing users to store tokens and access CryptoQuant’s on-chain analysis tools. Jong Seung Kim, leader of SKT’s Web3 business team, envisions the wallet contributing to the growth of South Korea’s crypto market, recognized for its high trading volumes and local interest.
SK Telecom’s venture into the digital wallet space could significantly impact South Korea’s digital landscape. With nearly 30 million South Koreans connected to SK Telecom as of December 2021, representing 58% of the country’s population, the move is poised to boost the adoption and popularity of digital asset technology in the region. This strategic move follows SK Telecom’s earlier foray into the blockchain space with the 2020 launch of a blockchain-based digital certificate wallet during the pandemic.
The T wallet can be used for the storage and transfer of various digital assets, including ‘Soulbound tokens (SBTs).’
These non-transferable NFTs are designed as permanent digital validators, validating certificates and identifications for memberships and digital asset holdings. This trio of functionalities positions the digital wallet as a versatile platform catering to a range of user needs.
SK Telecom is expanding its presence in the digital asset landscape with strategic partnerships. In addition to the collaboration with CryptoQuant’s Team Blackbird, the telecommunications titan has also partnered with AhnLab Blockchain Company and Atomix Lab. The digital wallet’s functionalities extend beyond cryptocurrencies, encompassing NFTs and the innovative Soulbound tokens, further solidifying SK Telecom’s position in the growing digital asset market.
The partnership between Team Blackbird, the developer behind CryptoQuant, and SK Telecom aims to synergize CryptoQuant’s on-chain data analysis expertise with SK Telecom’s mobile technology. The outcome is the T wallet, a blockchain-powered mobile wallet application that combines security and efficiency. CryptoQuant, serving over 1 million traders globally, is recognized for providing on-chain data to prestigious clients such as the Chicago Mercantile Exchange (CME) Group and Moody’s Analytics.
Ju Ki-young, CEO of CryptoQuant, highlights the partnership’s alignment with the company’s mission to democratise access to on-chain data, empowering retail investors with insights previously available only to institutional players. Kim Jong-seung, Director at SKT, expresses enthusiasm for the potential of CryptoQuant’s on-chain data analytics to benefit users across various levels of expertise, from beginners to advanced users and decentralised app (dApp) enthusiasts. These joint efforts are seen as instrumental in fostering a robust digital asset market and contributing to the broader adoption of Web3.