A crypto wallet has been introduced in a partnership with data analytics platform CryptoQuant’s parent company Team Blackbird and South Korea’s biggest mobile phone company SK Telecom (SKT).
Team Blackbird is a Korean crypto services firm which is behind the running of CryptoQuant. The latest launch, called the ‘T wallet’ will allow users to gain access to a blockchain-based application on their phones that lets them store tokens.
Users will also be able to access CryptoQuant’s on-chain analysis tools, helping them in their market activities and in making decisions, said Team Blackbird CEO Ki Young Joo.
Crypto wallet is a place where users can store private keys, which are the passwords that give one the access to their cryptocurrencies. In the wallet, the crypto is kept safe and accessible. It also allows them to send, receive, and spend cryptocurrencies like Bitcoin ($BTC) and Ethereum ($ETH).
In the month of June, SKT raised over $6million in a Series A funding round from Atinum Investment and three other investors. Atinum Investment is a venture capital firm that has invested in promising start-ups internationally.
SKT’s Web3 business team leader, Jong Seung Kim, believes that the wallet would contribute to a flourishing crypto market in Korea. The country’s cryptocurrency market has seen a significant uptick in 2023, with its total market capitalisation reaching $21.1bn. This marked a double increase compared with the previous year.
South Korea is also known for high trading volumes and local interest in cryptocurrencies and digital assets. The market currently has a trading activity involving more than 600 cryptocurrencies. In October, it announced the launch of a central bank digital currency (CBDC) pilot program. Led by the country’s central bank, the Bank of Korea (BOK), the project’s objective is to study and establish the necessary technical infrastructure required for a CBDC and explore the potential of wholesale CBDCs in the country’s financial ecosystem.
CryptoQuant, on the other hand, is one of the leading firms offering on-chain data analysis services. It has institutional customers from across the world. The firm is also known for etching exclusive partnerships with global companies such as the Chicago Mercantile Exchange (CME Group).
Recently, a CryptoQuant report had suggested that the approval of spot Bitcoin exchange-traded funds (ETFs) in the US could push Bitcoin’s market capitalisation to grow by $900bn. This would potentially expand the total crypto market by an additional $1trillion.