IT Company’s Interest in Blockchain

Hong Kyong-po (left), head of the Convergence Research Institute of the KT Institute of Convergence Technology, signed a business agreement with KT Mhows CEO Cho Hoon for virtual currency platform development.
Hong Kyong-po (left), head of the Convergence Research Institute of the KT Institute of Convergence Technology, signed a business agreement with KT Mhows CEO Cho Hoon for virtual currency platform development.

 

KT announced on October 18 that it signed a business agreement with KT Mhows, one of its subsidiaries, to develop blockchain-based financial transaction technology.

The agreement is expected to enable the K-Coin, a virtual currency developed by KT, to circulate on the platform of KT Mhows.

The platform is not expected to be used for popular virtual currencies such as Bitcoin and Ethereum though. Instead, KT is planning to let users themselves buy and sell various types of points and vouchers on the platform. This service is scheduled to be launched next month.

These days, an increasing number of South Korean IT companies are jumping into the virtual currency market. For example, NXC, the holding company of Nexon, bought 65.2% of Korbit for 91.3 billion won last month. Korbit is one of the three largest virtual currency exchanges in South Korea. Dunamu is planning to launch a virtual currency transaction service, dubbed Upbit, late this month. Dunamu is currently running the Kakao Stock as a mobile stock trading service.

 

 

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