Chiliz's (CHZ) new move: Will the price rise?

South Korean tech giant Naver is releasing the first crypto wallet Naver Pay Wallet in partnership with sports-focused blockchain Chiliz (CHZ).

Chiliz, a layer-1 blockchain that supports fan tokens, announced in an X post on August 29th that it has been selected as the first blockchain for the wallet, which is available to over 33 million Naver users.

Naver, known as the ‘Google of South Korea’, manages the country’s most used search engine. According to Similarweb, it was the most visited website in South Korea last month with 1.7 billion visits. The wallet is managed by Naver’s subsidiary Naver Pay, which is reported to have more than 97,000 users.

Chiliz founder made statements

Chiliz founder and CEO Alexandre Dreyfus, in his statement to TechCrunch, said, “Naver Pay Wallet aims not to be a typical crypto wallet, but to offer new services around blockchain technology.”

The wallet is in beta stage; which means users will store their private keys and can hold both cryptocurrencies and NFTs. Dreyfus said that further functionality with decentralized applications (DApps) and fan tokens is yet to come with planned integrations.

The target customers are described as ‘tech enthusiasts’ who already use Naver Pay digitally and are ‘particularly interested in exploring blockchain technology in sports, entertainment and digital asset areas’.

The price of CHZ has not been affected yet

With the announcement, CHZ, which was not very active, is currently trading at $0.05415. The popular altcoin, which failed to meet expectations at EURO2024, was heavily criticized by investors. CHZ, which could not rise due to the market’s poor performance, could move towards $0.1 with the effect of the news and the positive turn of technical analysis.

This article does not contain investment advice or recommendation. All investment and trading activities involve risks, and readers should conduct their own research when making decisions.