On July 2, the South Korean multinational company LG Electronics Inc. filed a trademark application with the U.S. Patent and Trademark Office for its first major project in the crypto space, namely a mobile crypto wallet called ThinQ Wallet.
The ThinQ Wallet
The technological giant LG Electronics Inc, part of the fourth-largest chaebol in South Korea, filed a trademark application for its “ThinQ Wallet”, a mobile crypto wallet that might be available on LG phones.
LG ThinQ (pronounced as “think-cue”) is a brand that was launched initially for home appliances and consumer electronics, such as refrigerators and air conditioners equipped with artificial intelligence technology. In February 2018, LG announced the LG V30S ThinQ, which is the first phone to have the “ThinQ” branding.
This would be the first time the ThinQ brand is used for blockchain technology. According to the filing documents, there are multiple use cases for the wallet such as transaction authorization, settlement services, providing information relating to financial and monetary affairs, payment application software for mobile phones, issuance of cyber money and others.
The integration of a wallet within its mobile devices would represent the most significant breakthrough for LG’s blockchain and crypto-related solutions. But this is not the first approach into the space made by LG. In fact, the company agreed to adopt Klaytn, the distributed ledger technology (DLT) platform of Korea’s messaging giant Kakao. The South Korean conglomerate could aim to compete with Samsung, which is notoriously investing in this sector.