South Korean Software Giant AhnLab Unveils Crypto Wallet

South Korea Wallet

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Tim Alper

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Tim Alper

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Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...

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June 26, 2023 06:55 EDT

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The South Korean software giant AhnLab has released a crypto wallet – becoming the latest in a long line of the country’s IT players to move into the space. [Updated at UTC 08:55, 13/01/2023]

Per iNews24, AhnLab, the largest computer security company in South Korea and the brainchild of the tech entrepreneur and presidential candidate Ahn Chul-soo, has named the wallet ABC.

The firm is famous for its V3 antivirus programs. But in recent years, it has indicated that it is prepared to pivot toward blockchain. The company has established a dedicated subsidiary named AhnLab Blockchain Company.

The wallet has been released on mobile devices, with Android and iOS versions released to marketplaces this week. A Chrome extension has also been made available.

The company stated that wallet was ready for the challenges of the Web3 era – and that it had built in a number of security features.

These include relaying “crypto threat and fraud”-relating alerts to users based on data “collected by AhnLab and its partners.” ABC also provides “warning” notifications when users attempt to interact with “risky wallet addresses.”

The firm also added that it had added advanced “Secure MPC” private key technology to its offering. Instead of a conventional private key, the ABC Wallet gives users three “key shares.”

Two of these three must be used in combination to activate signature and recovery functions on the wallet. This, the firm said, will make it harder for hackers and voice phishing criminals to access the wallet.

AhnLab One of Many S Korean Firms to Launch a Crypto Wallet

Ahn Chul-soo has expressed his support for the world of crypto in the past – and has made a number of crypto-related pledges in previous bids to win the presidency. In 2021, he derided Seoul’s crypto policies. The tech guru criticized the government for “neglecting the crypto sector” and “allowing it to become a gambling den.”

Ahn has also called for the government to provide a “safety net” for crypto investors and create rules to protect investors’ coins from fraud and hacking attempts.

Other South Korean IT giants have also created crypto wallets of their own. These include internet powerhouse Kakao, as well as major electronics firms like Samsung and LG.