Business

Ed Drake

US trademark filing hints at LG’s plan for crypto wallet

South Korean electronics manufacturer LG has applied for a patent that could suggest plans for a new cryptocurrency wallet, according to details of a filing with the U.S. Patent and Trademark Office (USPTO)

The consumer electronics giant filed for trademark protection with USPTO on July 2, in respect of a “ThinQ Wallet” trademark. The group already owns and uses the ThinQ trademark across several different types of product, with the “wallet” component suggesting a new product on the horizon.

The application covers a wide range of uses, including a “computer software platform for blockchain,” “mobile electronic wallet for cryptocurrency,” and “payment application software for mobile phones.”

The news has fueled speculation about LG’s plans, and in particular whether the firm is planning to launch a crypto wallet service in conjunction with its latest generation smartphone devices, following similar moves by competing device manufacturers.

The ThinQ trademark has already been used by LG for several other product lines, including a smart refrigerator launched in 2011, and a number of smartphone handsets introduced since.

While there is no confirmation of how LG intends to use the trademark, it is widely believed to be a precursor to including a cryptocurrency wallet app on LG devices, in a move which would introduce many LG users to using crypto for the first time.

Notably, the firm’s latest G7+ smartphone was also launched under the ThinQ brand, adding further credibility to those suggesting the firm could be preparing to roll-out further crypto integrations on its smartphones.

The trademark application has led some to suggest LG is emulating rival Samsung, which recently announced plans to bundle a crypto wallet and other blockchain features across its full range of devices, including budget models.

Expected to introduce millions of consumers to cryptocurrency for the first time, the move from Samsung follows the earlier successful introduction of crypto wallet and other functionality in its higher end Galaxy devices.

Taiwan-based manufacturer High Tech Computer (HTC) bundled crypto wallet technology with its Exodus 1 platform, a result of a partnership between the manufacturer and a decentralized exchange, Kyber Network.

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