SK Telecom Collaborates with Aptos and Atomrigs Lab to Launch Web3

SK Telcom launch Web3 wallet

SK Telecom, the leading telecommunications conglomerate in South Korea, has announced a collaboration with Atomrigs Lab and Aptos in a blockchain layer-1 project utilizing the Move programming language. The partnership aims to provide a seamless Web3 experience for the network’s users.

SK Telecom’s vision is to be at the forefront of the cryptocurrency field. In July, the company introduced a blockchain wallet for digital currency and non-fungible tokens (NFTs). This initiative marked the beginning of SK Telecom’s collaboration with Blockchain company AhnLab and Atomix Lab to develop and operate the Web3 wallet.

As of now, SK Telecom has integrated its first Ethereum Virtual Machine (EVM) non-Ethereum blockchain, committing to delivering a seamless and secure Web3 experience for users in South Korea.

This collaboration also witnesses the integration of Aptos’ T wallet into the decentralized application (dApp) ecosystem and the application of its powerful MoveVM blockchain technology.

According to a September 2023 report from the South Korean tax authority, the country’s citizens hold $98.5 billion in cryptocurrency, mainly on domestically licensed exchanges like Upbit and Bithumb. Additionally, South Korean investors rank second globally in spot and futures trading volume on Binance, following China.

South Korea’s high cryptocurrency adoption is attributed to the government’s recognition of cryptocurrency investment activities, the enactment of investor protection laws, and the imposition of regulations requiring exchanges to publicly disclose assets. This response can be seen as a consequence of the 2022 LUNA-UST crash, prompting the Seoul government to take action.

South Korean authorities are actively investigating market manipulations, such as recent allegations regarding the Sui (SUI) project and abnormal fluctuations in the token price of Curve (CRV). However, there are still instances of errors, such as the Upbit incident where fake Aptos tokens were deposited on the platform.

On November 7, the price of Aptos (APT) reached $7.6, marking its highest value since August 2023.

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Chi Do
Chi Do
Chi Do is a content writer at CoinMinutes, responsible for creating most of the content on the website, including news related to Bitcoin (BTC), Ethereum (ETH), Blockchain, Decentralized Finance (DeFi), and more. With a keen interest in cryptocurrencies since the 2020s, Chi has acquired extensive experience and knowledge in this field. Chi holds a Bachelor's degree in communication from Academy of Journalism and Communication in Vietnam.

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