Two important South Korean companies have joined forces in order to develop a blockchain together. The Woori Financial Group has recently started a partnership with Ground X, a subsidiary of the famous Kakao.
According to the chairman of the financial company, Son Tae-Seung, all the details of the project are still being worked out but the main point is that the companies will join forces to create a blockchain. It was also reported that this ledger will not use any cryptocurrency of its own.
The Woori Card, a credit card subsidiary of Woori Financial, was also cited during the announcement, although it is not yet fully clear what its function will be in the project.
A Partnership Of Two Important Companies
The Woori Financial Group has been very relevant in blockchain development in Korea lately. The company has recently partnered with Samsung, Koscom and the KEB Hana Bank in order to create a platform that will be used for personal identification. Last year, the financial group tested Ripple’s solutions.
Ground X, which is a subsidiary of Kakao formed last year, is also making some important progress. The company has been accepting its place as a major player in the country’s blockchain economy. Kakao, a major tech company from the messaging niche, has over $8.8 billion in assets, which is part of why its subsidiary has been able to grow up so fast. Last week, Ground X started a partnership with Klip, which will use Ground X’s crypto on its wallet.