Chiliz, a layer-1 blockchain supporting fan tokens, announced on August 29 via X that it has been chosen as the inaugural blockchain for the wallet, which will be accessible to Naver’s 33 million-plus users.

Naver, often dubbed the “Google of South Korea,” operates the country’s most popular search engine. According to Similarweb, Naver was the most visited website in South Korea last month, with 1.7 billion visits. The wallet, reportedly managing over 97,000 users, is handled by Naver’s subsidiary, Naver Pay.

Chiliz Founder Shares Insights In an interview with TechCrunch, Chiliz CEO and founder Alexandre Dreyfus stated, “Naver Pay Wallet is not aiming to be just another crypto wallet; it’s designed to offer new services built around blockchain technology.”

Currently in its beta phase, the wallet allows users to store their private keys, as well as hold both cryptocurrencies and NFTs. Dreyfus mentioned that more functionality is on the horizon, including integrations with decentralized applications (DApps) and fan tokens.

The target audience for the wallet is described as “tech-savvy,” with users already engaged in Naver Pay’s digital ecosystem and showing a keen interest in exploring blockchain technology, particularly in the realms of sports, entertainment, and digital assets.

CHZ Price Reaction Despite the announcement, CHZ has seen little price movement, trading at $0.05415 at the time of writing. The altcoin, which failed to meet expectations during EURO2024, has faced criticism from its investors. With market conditions also being unfavorable, CHZ has struggled to gain momentum. However, positive technical indicators and the impact of this news could potentially push CHZ towards the $0.1 mark.

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