South Korean electronics giant LG filed a trademark application for the trademark “ThinQ Wallet” with the United States Patent and Trademark Office (USPTO) earlier this month,  possibly confirming speculations that the technology firm is developing a cryptocurrency wallet, according to a report by Cointelegraph.

ThinQ Brand: From Its Origin as Smart Refrigerator to Crypto Wallet

According to the documents accessible on the USPTO website, the crypto wallet developed by LG will come with a number of services which include mobile e-wallet for digital currencies, transaction authorization, transaction settlement, mobile payment, and blockchain software platform, among others.

LG first introduced the ThinQ brand for a smart refrigerator at one of the consumer electronics shows back in 2011. The company has since continued to use the trademark ThinQ for its smartphone series.

Fierce Competition among Asian Tech Giants in Blockchain Domain

The latest move is supposedly aimed at competing with Samsung in U.S. and EU markets, where the tech giant has already implemented the technology on its flagship smartphone, the Galaxy S10, with plans to apply blockchain to its budget smartphones as well.

HTC, the notable electronics firm based in Taiwan, recently added the option of in-wallet swapping between ERC20 digital tokens to its smartphone Exodus 1 following its collaboration with Kyber Network, a decentralized exchange based on Ethereum.

Meanwhile, LG subsidiary LG CNS will be applying blockchain to offer transparency in the supply chain for canteen lunches in school. This new platform will reportedly be based on the firm’s proprietary blockchain platform, called Monachain, which was introduced in May of last year.

Source: https://cointelegraph.com

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