Wallet One, a blockchain wallet infrastructure company acquired last year by Hecto Innovation, is changing its name and corporate identity and appointing a new chief executive to formally join the Hecto Group. It aims to systematically overhaul its management control level and pursue business synergies among group affiliates.

Wallet One recently held an extraordinary general meeting of shareholders. It changed its name to Hecto Wallet One and appointed Choi Jeong-rok as its new CEO.

Choi will concurrently serve as head of planning at Hecto Financial and as CEO of Hecto Wallet One, leading cooperation between Hecto Wallet One and the Hecto Group. Choi, who built his career in the financial sector, joined the Hecto Group after joining Hecto Innovation. He later led a blockchain business subsidiary established by Hecto Innovation, laying the foundation for the group’s blockchain business.

This year, Choi will serve as a bridge for synergy creation through exchanges between Hecto Wallet One and the Hecto Group. He will introduce Wallet One’s digital asset wallet to existing businesses such as the group’s platforms and upgrade services by linking Hecto Financial’s payment service with the wallet.

Hecto Wallet One is a VASP (virtual asset service provider) with blockchain wallet infrastructure technology. Based on MPC (Multi-Party Computation) and multisig (Multisig) technology, it supplies its B2B wallet infrastructure solution, Octet, and its B2C wallet service, Ohy Wallet, to a range of industries including finance, fintech, distribution, public institutions, entertainment and commerce. Among domestic companies that already hold a VASP licence, 40 percent use Wallet One services.

Hecto Wallet One will also strengthen internal controls and compliance, including finance and audits, to global standards with group support. It plans to compete with global companies such as Fireblocks and Bitgo through synergies including Hecto Innovation’s IT service operation know-how, Hecto Financial’s payment service capabilities and financial sector network.

Choi, the new CEO of Hecto Wallet One, said digital asset wallets are essential software in the blockchain ecosystem, serving not only as asset custody but also for sending and receiving digital assets, signing transactions, managing assets, and accessing and using Web3 services. He said they will act as an important gateway in the coming Web3 era. He said Hecto Wallet One will add affiliate synergies to the wallet infrastructure capabilities it has built so far and be reborn as a blockchain infrastructure company spanning wallets, payments and authentication.

In September last year, Hecto Innovation, the holding company of the Hecto Group, acquired a 47.15 percent stake in Wallet One for about 9.29 billion won and internalised blockchain wallet infrastructure technology and a VASP licence. Based on Hecto Wallet One’s wallet infrastructure, the Hecto Group is fostering a stablecoin business as a new growth axis and combining it with various group businesses such as payments, commerce and media to build a differentiated stablecoin ecosystem.