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A New Venture from AHNLAB to the Market

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South Korean software giant AhnLab has launched a crypto wallet – the latest in a long line of local IT players to move into the space.

According to iNews24, AhnLab, the largest IT security company in South Korea and the brainchild of tech entrepreneur and candidate Ahn Chul-soo, named the ABC wallet. The company is famous for its V3 virus program and AlZip file compression solution.

But in recent years, it has shown that it is ready to get involved in blockchain. The company has created a subsidiary named AhnLab Blockchain Company.

The wallet is only available on mobile devices so far, with Android and iOS versions hitting the market this week. The company says the wallet is ready for the challenges of the Web3 era – and integrates several security features.

These include sending alerts related to “crypto threats and fraud” to users based on data “collected by AhnLab and its partners.” ABC also issues “warning” notices when users try to sync “dangerous wallet addresses”.
The company added that it has added advanced “Secure MPC” encryption technology to its offerings. Instead of a private key, ABC Wallet gives users three “shares”.

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

AhnLab, One of Many South Korean Companies to Launch a Crypto Wallet

Ahn Chul-soo has expressed his support for the crypto world in the past – and made several crypto-related promises in his first bid to win the presidency. In 2021, he mocked Seoul’s crypto policies. The tech guru slammed the government for “neglecting the crypto industry” and “allowing it to become a gambling den.”

Ahn also called on 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 their own crypto wallets. These include internet powerhouse Kakao, as well as major electronics companies like Samsung and LG.

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