LG Applies for Patent to Launch Crypto Wallet App on Mobile Devices

Neil Dennis

LG, the South Korean technology company, has filed a patent in the U.S. to offer a complete payment system on future models of its smartphones.

The application for a product called ThinQ Wallet was filed by LG with the U.S. Patent and Trademark Office last week and is described in the filing as a software application for mobile phones to enable "transaction authorization and settlement services".

Services on Offer

Other services the ThinQ Wallet will offer include:

  • Supervision of payment processing operations and of computer payment processing systems
  • Providing information relating to financial and monetary affairs
  • Payment and receipt of money as agents
  • Issuance of cyber money
  • Issuance of membership cards in the nature of credit cards and stored value cards
  • Brokerage of mobile and internet payment, namely, establishing funded accounts used to purchase goods and services through mobile devices and on the Internet
  • Mobile and internet payment services, namely, processing electronic funds transfer via mobile computing
  • Integrated services of mobile electronic wallet and mobile payment, namely, credit card payment processing services, processing electronic payments made through prepaid cards

Competitors

By applying for this patent LG has thrown down the gauntlet to its domestic rival Samsung, which introduced a mobile wallet app for cryptocurrencies on its Galaxy S10 series launched this spring that allows users to store bitcoin and ether.

The move also adds weight to how seriously technology firms are taking the growth of crpytocurrencies given the number of companies now fighting for a slice of the action in the market.

Early adopters such as IBM pioneered the way for tech companies to launch crypto-related offerings, and last month Facebook announced it was entering the arena with a crypto-asset and wallet venture called Libra.

LG Blockchain

LG has been testing a number of blockchain offerings in the past few years, including an international payments system based on distributed ledger technology, and set up - in partnership with drugs company Celltrion and financial services group UnionBank - a network called the Klaytn blockchain.

LG also announced that its Monachain network, launched last year will be used to track the provenance of agricultural products.

Cannabis Shops Turn to Crypto Apps Amidst Coronavirus Cash Shortages

Michael LaVere
  • Cannabis shops in Boulder, Colorado are using bitcoin payment app Strike to conduct "contactless" exchanges.
  • Cash shortages and lack of sanitation are causing businesses to find alternative means for transaction. 

Cannabis shops are using bitcoin payment services to conduct business in place of fiat amidst the coronavirus pandemic. 

According to a report by CoinDesk, cannabis dispensaries in Boulder, Colorado have been onboarded to the closed beta for Strike, a bitcoin payment service application founded by lighting network supporter Zap. 

Zap, founded by Jack Mallers, has been operating a closed beta for the payment application Strike which allows users the option of sending bitcoin or dollars and receiving funds in their bank account. The application uses a simple QR code interface, similar to Venmo, that allows users to send funds without having prior knowledge or expertise with bitcoin. 

Mallers said, 

Every Strike user is given a public domain at strike.me. We’re using Lightning for really fast online settlement of value transfers. … It’s also beneficial for privacy on the sender’s side.

Johnny Kurish, general manager at Boulder’s Helping Hands Herbals cannabis shop, said the application allowed his dispensary to process $1,000 worth of purchases since being added to the beta last week. 

Kurish said the dispensary will switch to only accepting Strike payments, which allow for contactless exchanges in light of the coronavirus pandemic. 

He said, 

We’re really lucky to have curbside drop-offs. We check the ID through the roll-up window, deliver the cannabis to a podium in front of the car. We’re happy to reopen with an option that’s safe for our staff.

Featured Image Credit: Photo via Pixabay.com