Chiliz and NAVER Pay are setting a new standard for user engagement and digital asset management in South Korea by integrating Blockchain technology into everyday digital services.

Important partnership news continues to come from the crypto world. South Korean internet search giant Naver has established a partnership with Chiliz Blockchain.

South Korean internet search giant Naver is launching its first crypto wallet, called “Naver Pay Wallet,” in partnership with sports-focused blockchain Chiliz.

Chiliz is a layer-1 blockchain built to power fan tokens, and in an X post on Thursday, the altcoin project announced that it was selected as the launch blockchain for the wallet, which will be accessible to over 33 million Naver users.

Referred to as the “Google of South Korea,” Naver operates the country’s most used search engine, garnering 1.7 billion visits last month to become the most visited website in South Korea, according to the data. The wallet is operated by Naver subsidiary Naver Pay, which boasts over 97,000 merchant users.

"Chiliz Launches Strategic Partnership With NAVER Pay For Groundbreaking Digital Assets Wallet. This collaboration marks the launch of NAVER Pay Wallet, NAVER Pay's first Digital Assets Wallet for the Korean market with over 33 million users,> https://t.co/9uvyKVYQUn pic.twitter.com/9uvyKVYQUn"

As covered by Kriptokoin.com, the market presents a mixed outlook today with the leading cryptocurrencies largely trading in the red territory, albeit not significantly. Some, however, are managing to post gains in the opposite direction.

Following the latest development, the altcoin price shifted from the red territory to post gains. CHZ rose from an intraday low of $0.053 to reach $0.056 with the token trading at $0.0547 at the time of writing, logging a 0.75% daily涨幅.

CEO Alexandre Dreyfus announced his goals!

"Naver Pay Wallet doesn’t aim to be your typical crypto wallet. Together with Chiliz, we are aiming to make NAVER Pay a service centered around utility and loyalty Blockchain technology," announced Chiliz founder and CEO Alexandre Dreyfus.

Meanwhile, the wallet is in beta and non-custodial. As such, users will hold the private key to their wallet. According to Dreyfus, more functionality is yet to come with planned integrations to decentralized applications (DApps), fan tokens, and a merchant loyalty program.

Alexandre also noted that the target audience is "tech-savvy" people who already use Naver Pay digitally, adding that they are "interested in exploring Blockchain technology, especially in the domains of sports, entertainment, and digital assets."

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