South Korea

South Korea Telecoms Giant Ramps Up Blockchain Roaming Deal With China

South Korea’s largest telecoms provider, KT Corporation, is boosting a partnership with China Mobile targeting blockchain technology and 5G roaming. As local English-language news outlet The Korea Herald reported on Dec. 5, KT is preparing to debut 5G roaming capabilities in China later this month.  KT Corp. eyes B.Link blockchain rollout At the same time, …

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South Korean Startup Claims to Have Solved Blockchain’s Speed Problem

The South Korean-based firm Bloom Technology announced that they have created a new technology that is able to speed up transactions on the blockchain. On Dec. 3, United Press International reported that Bloom Technology’s CEO, Lee Sang-yoon, said that the company’s Lotus Chain technology has been able to reduce blockchain transaction processing times to fractions …

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Signs Point to Inside Job in Upbit Crypto Exchange Hack, Says Commentator

Following the theft of 342,000 Ether (ETH) ($50 million) from major South Korean crypto exchange Upbit, some commentators have suggested that the hack was actually an inside job. As Cointelegraph contributor Joseph Young tweeted on Nov. 27: “The ‘hacker’ timed when UPbit was making crypto transfers to its cold wallet (other alts like TRON, etc.). …

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China’s Dive Into Blockchain, Digital ID Spurs Rest of World to Action

News on crypto and blockchain technology is coming in abundance from China. This became especially true in late October 2019, when the Chinese President Xi Jinping called for accelerating the use of blockchain technology in the country. President Xi identified dozens of use cases that should be promoted: loans, health care, anti-counterfeiting, charity and food …

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Bithumb Global Launches Native Token for Exchange Ecosystem

Bithumb Global has launched a native coin for Bithumb Chain, the exchange’s custom blockchain. Launched under the “BT” ticker, Bithumb Coin will work as a medium of exchange for the ecosystem, the company told CoinDesk in a statement Tuesday. The Bithumb Chain itself is expected to launch sometime in the first quarter of 2020. From …

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Korean Presidential Committee Pushes to Legalize Crypto

<header class=”article__header”> </header> <strong>A South Korean presidential committee is pushing for the government to establish legal status for cryptocurrency to stay competitive globally. So far, the government’s policies have been risk-focused to curb speculation, which the committee says must change.</strong> Also read: China Ranks 35 Crypto Projects as President Xi Pushes Blockchain Presidential Committee Pushes …

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Korean Government to Back Blockchain Startups With $9 Million Fund in 2020

The Korea Internet Security Agency (KISA) will be supporting blockchain-related projects in 2020 with 10.5 billion won, about $9.0 million, in funding, but has ruled out supporting of crypto projects or crypto exchanges. It will be the third year of such support from the KISA, which is under the Ministry of Science and ICT, according to …

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Samsung SDS Partners With Tech Mahindra for a New DLT Product

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 …

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South Korea Aims to Put Trade Finance on the Blockchain by 2021

Trade finance in Korea is headed to the blockchain according to a CoinDesk Korea story and other local press reports. The transition could be completed by 2021, while foreign-exchange transactions are set to be conducted using the technology within months. In terms of trade finance, relevant documents will be shared on the blockchain so they can …

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