South Korean Bitcoin Exchange Forms Consortium

Announcements, Blockchain, FinTech, Group, Innovation | May 8, 2017 By:

South Korean bitcoin exchange Coinone has partnered with five financial institutions to jointly develop financial services solutions using blockchain technology.

The South Korean bitcoin exchange partners includes Woori Bank, a nationwide banking institution; Shinhan Card, a Korean credit card operators; Lotte Card, a finance company that also offers credit card services; Daishin Securities, an investment and securities banking company and; KICC, a payment solutions provider in Korea. The consortium hopes to invite more partners in the future.

According to the official release, the objectives of the partnership are the research and development of financial technologies through blockchain, the establishment of new services with exclusive platforms based on this technology, and coordination with supervisory authorities for these purposes, so that technology is not out of regulation.

The consortium is looking to develop new services using distributed ledgers based on a foreign exchange model. The members will also plan projects, develop and launch services according to their respective schedules, to ensure the rollout of blockchain-based FinTech solutions that meets the respective needs of each member.

“Through the establishment of this financial consortium, we have taken a first step toward providing more strategic and systematic FinTech services,” said Coinone CEO Kang Myung-hoon. “As a consortium of leading companies from each sector, FinTech solutions are expected to be developed.”