LG’s IT affiliate LG CNS and the blockchain subsidiary of Kakao, Ground X, are partnering to bridge public and corporate blockchains. The Korea Herald reported on Nov. 21 that the two companies agreed to develop mutually compatible infrastructure. The head of LG CNS’ future strategic business division, Ha Tae-Seok, and Ground X CEO Han Jae-Seon attended the formal signing ceremony at the LG CNS headquarters in Magok, Seoul. An LG representative explained that there are many inter-chain projects in the blockchain industry that need to be able to work across multiple unique networks in order to be successful, stating: “We …

Klaytn, a blockchain project led by internet giant Kakao, announced that cryptocurrency exchange Binance is joining its governance council. In a joint press release shared with Cointelegraph on Oct. 22, Binance announced that it is joining the governance council of the service-centric blockchain project, Klaytn, to further push for the mass adoption of blockchain technologies. Binance joins 24 other member companies such as LG Electronics, Unionbank of the Philippines and Celltrion, to make key decisions for Klaytn’s business and technical developments. According to the press release, Binance is the first blockchain firm to join the council. In addition to working …

Samsung SDS, the IT subsidiary of global tech giant Samsung, has announced a joint initiative to launch a new blockchain-based traceability product. To develop the new project, Samsung SDS partnered with American software firm Pega and Tech Mahindra, a subsidiary of major Indian multinational conglomerate holding company Mahindra Group, according to a press release on Oct. 16. Specifically, the joint initiative will be a combination of Samsung SDS’s enterprise blockchain platform Nexledger Universal and Pega’s digital process automation platform Pega Platform. By integrating Pega’s core product with Nexledger, the firms aim to develop improvements for supply chain systems, the press …

The South Korean government is planning to establish a digital trade foundation to reduce the costs of trade by using blockchain technology. Reduce trade costs by more than 90% On Oct. 14, South Korean Finance Minister Hong Nam-ki introduced the country’s Development Plan for Digital Trade. Under the plan, technologies such as blockchain, big data and AI, will be applied to digitize the entire Korean trade finance ecosystem by the year 2021. Finance Minister Hong Nam-ki reportedly said: “We will build a digital trading platform that can be easily and conveniently used in all stages of export, such as contracts, …

South Korea’s Cyworld social media platform shuttered its services on Oct. 1 without giving any prior notice, English-language local media The Korea Times reported on Oct. 14. What’s more, the website for its Clink (CKCT) crypto-asset has also become inaccessible. In response to the news, local cryptocurrency exchanges supporting Clink, namely CoinZest and BitSonic, are now considering delisting the token. Moreover, some investors who bought Clink are reportedly considering filing a lawsuit against Cyworld and its CEO, Jeon Jae-wan. Great losses are expected for investors Unspecified industry officials reportedly estimate Clink investors to lose least 1 billion won (about $844,000) …

Up until early 2018, major cryptocurrency markets the likes of South Korea and Japan demonstrated high premiums for Bitcoin. At the 2017 peak, when the Bitcoin price was trading at around $20,000 in the U.S. spot market, Bitcoin was being traded in South Korea’s cryptocurrency exchange market for around 26,000,000 Korean won, equivalent to about $22,000. This difference is now known as the Kimchi premium. Since then, starting with the introduction of various regulatory frameworks by South Korea to reduce regional premiums that included the prohibition of trading cryptocurrencies with foreigners in the local market, premiums in major markets have …

Blockchain company Iconloop has secured 10 billion Korean won (KRW) (over $8 million) from seven investment companies participating in a Series A funding round. Per an Oct. 10 announcement, it was Iconloop’s first venture capital investment since its establishment in 2016, with the participation of companies such as Korea Technology Finance Corporation (KOTEC) and T.S. Investment, among others. Building blockchain-based identity authentication service Iconloop is planning to allocate the raised funds to launching its blockchain-based digital identity authentication service called “my-ID”. According to the company, my-ID can be used for opening banking accounts without face-to-face verification and “allows for ID …

Hdac Technology, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group, plans to set up a $10 million blockchain investment fund in 2019. Hdac testnet to launch in November 2019 Hdac will spend the funds on launching its mainnet, developing decentralized applications, supporting new industry startups and creating an ecosystem with a “cryptocurrency compensation system,” Korean outlet The Financial News reported on Oct. 6. Hdac, the issuer of the Hyundai token (HDAC), is planning to release its mainnet in the first quarter of 2020, the report notes. As previously announced, the testnet is scheduled to launch in …

Mobile payments app Chai is launching mobile blockchain-based payments at 13,500 CU convenience stores in South Korea. According to an Oct. 7 news release shared with Cointelegraph by blockchain startup Terra, Chai — which operates on the Terra blockchain — will now be accepted as a means of payment at the major convenience store chain. App support will be added at CU by the end of 2019 following a partnership between Chai and convenience store operator BGF Retail, which owns the stores in question. Per the release, Chai will also offer low transaction fees to merchants and ongoing 5% to …

In the last few decades, South Korea has been among the fastest developing countries in the world. It is currently the planet’s third-largest crypto economy, after the United States and Japan. Cointelegraph traveled to Korea to meet a new generation of crypto entrepreneurs who are building the future of blockchain. Among the people we talked to were representatives of established firms — such as crypto investment funds Hashed and Kakao’s blockchain subsidiary GroundX — but also common Korean investors who still see Bitcoin as a path toward a better life. Despite strict regulation on initial coin offerings and cryptocurrency exchanges, …

South Korean regulators seems to strongly favor blockchain over cryptocurrencies, and some recent events have further proven this hypothesis. As a result, as much as 97% of local digital assets exchanges are in danger of extinction, local reports suggest. Meanwhile, local politicians and regulators have started lobbying a new set of regulations, which could finally bring some clarity into this complex but crucial cryptocurrency market. So, how likely are they to succeed, and what are the main obstacles? With the opening of Korean headquarters in Seoul, Cointelegraph looks deeper into the local regulatory landscape alongside Cointelegraph Korea’s chief editor, David …

Blocko, a South Korean blockchain provider, launched in the United Arab Emirates after securing $16 million in funding. Building full-scale enterprise blockchain solutions On Oct. 2, Middle Eastern business publication Arabian Business reported that Blocko has partnered with SEED Group, a member of the Private Office of Sheikh Saeed bin Ahmed Al Maktoum in the UAE. Before launching in the UAE, Blocko raised a total of $16 million through two separate funding rounds. South Korea’s oldest bank, Shinhan Bank, as well as KEB Hana Bank, LB Investment and Dadam Investment are among those who participated in the funding round. The …