SERI KEMBANGAN: Property tycoon Tan Sri Lee Kim Yew has partnered with a technology firm to develop a cryptocurrency wallet mobile application called Unicorn Wallet.
The new venture is separate from Lee’s listed company, Country Heights Holdings Bhd , which last year announced plans to introduce an asset-backed cryptocurrency called the Horse Currency.
The Unicorn Wallet, which Lee said was the first of its kind in the country, has been developed at a cost of about US$10mil, and will undergo testing among a select group of users for six months before it is available to the public.
He said the official launch date for the platform would be announced later.
The cryptocurrency wallet will deploy decentralised blockchain technology and enable transactions between users with Internet access all over the world.
Lee, via his private investment entity Mines 567 Sdn Bhd, has invested into 19.99% equity of Crypto S11 Digital Pte Ltd, the technology firm which will serve as the operator and joint owner of the Unicorn Wallet.
“It is my firm belief that blockchain technology as well as cryptocurrency is inevitable.
“Therefore investing in a state-of-the-art cryptocurrency wallet is an important step and a must-have tool,” Lee said during the pre-launch ceremony yesterday.
The mobile app will allow its users to perform transactions including online shopping, the purchase of flight tickets and do fund transfers, among other things.
While they have not secured any merchants yet, Lee said they will be kicking off agressive promotional activities, mainly targeting the food and beverage, travel, retail and healthcare sectors.
During a press conference later, he said they hoped to incorporate Country Heights’ Horse Currency into the Unicorn Wallet in the future.