WalletOne Changes Name to "Hecto WalletOne" and Appoints New CEO

WalletOne (formerly Hexlant), a blockchain wallet infrastructure specialist acquired by Hecto Innovation last year, has officially joined the Hecto Group as an affiliate through a sweeping transformation that includes a change of company name and CI, as well as the appointment of a new CEO. The company aims to systematically enhance its management practices and foster business synergy among affiliates.

According to Hecto Innovation on January 15, WalletOne recently held an extraordinary general meeting of shareholders, changed its name to Hecto WalletOne, and appointed Choi Jeongrok as its new CEO.

Choi Jeongrok will serve concurrently as Head of Planning at Hecto Financial and CEO of Hecto WalletOne, leading collaboration between Hecto WalletOne and the Hecto Group. With a background in the financial sector, Choi joined Hecto Innovation and became part of the Hecto Group. Subsequently, he led the blockchain business subsidiary established by Hecto Innovation, laying the foundation for the Hecto Group's blockchain operations. This year, Choi will play a pivotal role in creating synergy between Hecto WalletOne and the Hecto Group by integrating WalletOne's digital asset wallet into existing group platforms and linking Hecto Financial's payment services with the wallet for further advancement.

Hecto WalletOne is the only VASP (Virtual Asset Service Provider) in Korea that possesses proprietary blockchain wallet infrastructure technology. Leveraging its expertise in Multi-Party Computation (MPC) and Multisignature (Multisig) technologies, the company supplies its B2B wallet infrastructure solution "Octet" and B2C wallet service "OhHiWallet" across a range of industries, including finance, fintech, retail, public institutions, entertainment, and commerce. Currently, 40% of domestic companies holding a VASP license are using WalletOne's services.

Hecto WalletOne is also strengthening trust with the market and customers by aiming for global standards in internal controls and compliance, such as finance and audit, under the systematic support of the group. In addition, by leveraging Hecto Innovation's IT service operation know-how, Hecto Financial's payment service capabilities, and its extensive financial network, the company plans to compete in the global market against leading players such as Fireblocks and Bitgo.

Choi Jeongrok, the new CEO of Hecto WalletOne, stated, "A digital asset wallet is not only for asset storage, but is an essential software in the blockchain ecosystem, enabling digital asset transfers, transaction signing, asset management, and access to and use of Web3 services. It will serve as a critical gateway to the upcoming Web3 era," adding, "Hecto WalletOne will evolve into a blockchain infrastructure company that encompasses wallets, payments, and authentication, by combining our accumulated wallet infrastructure capabilities with synergy across affiliates."

Meanwhile, in September of last year, Hecto Innovation, the holding company of Hecto Group, acquired a 47.15% stake in WalletOne for approximately 9.29 billion won, internalizing blockchain wallet infrastructure technology and the VASP license. Hecto Group is fostering the stablecoin business as a new growth engine based on Hecto WalletOne's wallet infrastructure, and is building a differentiated stablecoin ecosystem by integrating it with various business areas within the group, including payments, commerce, and media.