South Korean telco to launch Web3 wallet with Aptos and Atomrigs Lab

November 7, 2023 Coin Telegraph

SK Telecom aims to expand its “affiliations with customer-preferred mainnets and decentralized applications (dApps)” using this tripartite agreement with the blockchain companies.

South Korean telecom giant SK Telecom (SKT) announced plans to launch a Web3 wallet service, T wallet, in partnership with layer 1 mainnet Aptos Labs and Atomrigs Lab.

SK Telecom’s vision to launch a blockchain wallet for cryptocurrencies and nonfungible tokens (NFTs) dates back to July 2022. The initiative at the time kicked off with SKT’s blockchain arm collaborating with AhnLab Blockchain Company and Atomix Lab to develop and operate a Web3 wallet.

SKT가 '웹3 지갑' 개발을 위해 안랩블록체인컴퍼니, 블록체인 전문기업 아톰릭스랩과 협력합니다. 웹3 지갑은 사용자가 블록체인 네트워크 상에서 발행된 다양한 유형의 토큰을 저장·전송·수신할 수 있는 디지털 자산 지갑입니다. ▶https://t.co/bi8SIDKK2M #SK텔레콤 #블록체인 pic.twitter.com/HFGCl3cIN8
— SK telecom (@SKtelecom) July 11, 2022

According to the latest announcement, SKT aims to expand its “affiliations with customer-preferred mainnets and decentralized applications (dApps)” using this tripartite agreement with the blockchain companies.

“Through the collaboration with Aptos, which marks our first non- Ethereum Virtual Machine (EVM) blockchain integration, SKT is committed to delivering a seamless and secure Web3 experience for our users.”

In an official tweet, SKT committed to delivering a seamless and secure Web3 experience for users.

SK telecom signed a tripartite agreement with #Aptos, a rapidly-emerging and scaling layer 1 mainnet, and Atomrigs Lab, SK telecom’s technology partner. Through the collaboration with Aptos, SK telecom is committed to delivering a seamless and secure Web3 experience for users. pic.twitter.com/Ga9qoZz84W
— SK telecom (@SKtelecom) November 7, 2023

The partnership will also see T wallet’s integration into Aptos’ decentralized application (dApp) ecosystem and adoption of its MoveVM blockchain technology.

South Korea’s National Tax Service (NTS) recently revealed that residents hold more than 70% of their overseas assets in cryptocurrency.

According to the official data, 5,419 entities reported their overseas financial accounts, holding a total of 186.4 trillion won ($140 million) in assets like cryptocurrencies and stocks, as well as deposits and savings.

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Indians opt for state-run blockchain platform amid bulk SMS regulations

September 20, 2021 Coin Telegraph

Coin Telegraph

India's SMS regulation requires businesses to comply with pre-registered messaging templates to counter spam and fraud.

The Telecom Regulatory Authority of India (TRAI) established messaging regulations that require scrubbing consumer communication messages to ensure that the receiver of the message has opted in for such interactions. The drive is supported by BSNL DLT, a content verification platform built on ledger-based blockchain protocols.

As the SMS regulation is applicable for all industry verticals, the list of 7,477 registrations includes banks, educational institutions and private businesses. TRAI had reportedly warned about blocking communications of non-compliant entities, as an official said:

“The Telecom Regulatory Authority of India will accept no reason, give no consideration and no extension to all those who have not streamlined their SMS process. Let their businesses suffer 100%.”

Businesses using BSNL DLT will be subject to SMS screening against pre-registered messaging templates hosted on the blockchain. In case of a mismatch, the message will be blocked by the company’s telecom provider honoring consumer interest.

India’s commitment to blockchain adoption has strengthened after a state-run university, the Indian Institute of Technology Madras (IITM), joined 38 global organizations to govern the Hedera public ledger as a part of the Hedera Governing Council.

According to Professor Prabhu Rajagopal from IITM’s Center for Nondestructive Evaluation, the institution will test use cases around public blockchains for payments, healthcare, industry and digital media.

On July 27, Cointelegraph reported that a sizable Indian institute implemented LegitDoc, a tamper-proof credentialing system built on the Ethereum blockchain, to verify diploma certificates. Currently, other Indian universities are exploring and implementing similar strategies.

India’s state-owned telecom Bharat Sanchar Nigam Limited (BSNL) has registered 7,477 businesses on its blockchain-based communication platform after authorities imposed new regulations to protect consumers from spam and fraud.

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Deutsche Telekom invests in mobile DeFi platform Celo

April 20, 2021 Coin Telegraph

Celo

Deutsche Telekom has become the first telecom firm to join the Celo Alliance for Prosperity.

Deutsche Telekom, one of the largest telecom providers in Europe, has invested in blockchain payments platform Celo to support the development of decentralized finance.

The telecom giant has made a “significant purchase” of Celo’s native token CELO through its strategic investment fund, the Telekom Innovation Pool, Celo announced Tuesday. The firms did not specify the size of the investment.

In conjunction with the investment, Deutsche Telekom has joined the global Celo Alliance for Prosperity — Celo’s ecosystem and a network of over 130 members including nonprofits, merchants, payment processors and blockchain firms. According to the announcement, Deutsche Telekom is the first telecom company to join the alliance.

As part of the move, Deutsche Telekom’s subsidiary T-Systems MMS will validator implementing the Open Telekom Cloud, or OTC. The OTC fulfills compliance requirements within the European regulatory framework, ensuring secure financial services are available through smartphones.

Adel Al-Saleh, a member of Deutsche Telekom's board of management and T-Systems CEO, said that the new strategic investment will help the firm participate in a public blockchain network. “We are able to secure the Celo network with our investment and our own cloud infrastructure while facilitating user onboarding and use-case development on top of the Celo network,” he said.

Additionally, Deutsche Telekom will open up its SMS API to allow validators to send verification text messages using their service. According to the announcement, the diversity of SMS providers on the Celo platform improves both the security and reliability of the decentralized phone verification protocol, which plays a key role in the Celo blockchain's usability.

“We’re excited to have Deutsche Telekom help secure the Celo network, develop the Celo infrastructure, and make meaningful contributions as a validator. The powerful combination of owning CELO and building on its mobile-first platform will help accelerate mass market adoption of digital assets,” Celo co-founder Rene Reinsberg said.

Celo is an open-source blockchain ecosystem focused on enabling access to DeFi systems and tools via smartphone. Last year, the CEO of Celo alliance member Blockdaemon predicted that the Celo ecosystem will soon comprise “PayPal on speed with its own native currencies.”

At the time of writing, CELO is trading at $4.03, down nearly 6% over the past 24 hours. A spokesperson for Deutsche Telekom reportedly said that any fluctuations in the value of its Celo holdings would have no noticeable impact on the investment, given its size.

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