South Korean Telecom Operator Announces Blockchain Service For Asset Management
Korea’s largest telecom operator- SK Telecom, announced the release of an asset management service with Blockchain tech, as well as a platform for linking Blockchain startups with investors. According to Oh Se-hyeon, the executive vice president of the telecom operator’s Blockchain division, “the service will allow users to manage all bank accounts, credit cards, mileage points and other non-financial assets, including cryptocurrencies, in one basket, and enable transactions of the assets based on trust.”
SK Telecom’s new tech platform, the “Token Exchange Hub,” will support the Initial Coin Offerings of startups by offering both technological and financial consultants.
SKT will provide systematic administrative supports for startups to issue bitcoins in a more transparent and safe manner through the platform […] We will provide consistent supports for companies that will do businesses using blockchain technologies and help create a blockchain ecosystem.
– Oh Se-hyeon, Executive VP, SK Telecom
According to the reports, while the company does not plan to issue its own tokens, the hub will serve as an administrative and technological center for enterprises to raise funds through initial coin offerings. The move comes just a month after rival South Korean telecoms firm, Korea Telecom (KT), announced plans to better protect its infrastructure with a blockchain-powered security solution. The project, dubbed “Future Internet,” will let individuals and businesses earn rewards for transmitting data in a peer-to-peer fashion, rather than via centralized portal operators like Google.