LG fils patent for cryptocurrency wallet ThinQ on smartphones

South Korean technology giant LG filed an application for registration of the ThinQ Wallet trademark with the United States Patent and Trademark Office (USPTO) on July 2. Allegedly LG would work on a complete payment system for its future smartphones.

The document submitted states that it is a software application for mobile phones that must enable “transaction authorization and settlement services”. Furthermore, the intended service should include mobile and online payments, the provision of digital money, a software platform for blockchain and a mobile, electronic wallet for cryptocurrencies. The application is classified as Class 9/36, which means that the application is also included in the European database.

The ThinQ brand name was initially used by LG for a product line of intelligent refrigerators that the company introduced in 2011.

LG seems to compete with both Samsung and HTC. In March of this year, Samsung already unveiled Samsung Pay, a cryptocurrency wallet that will be supported by its Samsung Galaxy S10 smartphones. In May, Samsung announced that it will also roll out the same blockchain and cryptocurrency functions on a number of its older Galaxy smartphones. The blockchain smartphone from HTC, Exodus 1 and Exodus 1s, also support cryptocurrency and wallet functions.