Cryptocurrency exchanges in South Korea are doing a lot more than providing a gateway from fiat to Bitcoin. Coinone, of the region’s largest cryptocurrency exchanges, has partnered with several financial institutions to develop blockchain-based tools. In fact, the exchange seemingly spearheads this new consortium focused on Fintech development and cooperation.
Coinone Is Making Some Big Waves
It is always good to see a company focused on Bitcoin getting involved in the overarching Fintech industry. This is especially true when partnerships are forged with major financial institutions who show an interest in blockchain technology. Coinone is leading this new Fintech consortium to research potential sue cases of blockchain technology in the financial sector.
To be more specific, the South Korean Bitcoin exchange partners with Woori Bank, Lotte Card, and three others. These parties will develop new services using distributed ledgers. This is a major step forward for the exchange to gain more recognition in South Korea. Additionally, it also proves to be good news for Bitcoin, as the cryptocurrency will gain momentum in South Korea and beyond.
As part of this new agreement, the goal is to invite more partners to this consortium in the future. One could say this is an Asian version of the R3 consortium, but one that effectively uses blockchain technology for a change. The Fintech sector can benefit tremendously from blockchain technology in the coming years. That being said, a lot of research still has to be conducted.
As one would expect, the main area of focus for these blockchain-based services will be South Korea. A micro-currency remittance model is one of the top priorities right now. Moreover, distributed ledgers will aid in facilitating foreign exchange and reducing overall costs. Forming an official consortium to look into this technology will be a great step toward legalizing Bitcoin and blockchain technology.
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