Categories: Bitcoin Business

Woori Group and Ground X partner for a blockchain financial platform

Click here to view original web page at coingeek.com

Woori Financial Group, a South Korea based financial company, has partnered up with Ground X to develop blockchain-based financial services. According to the announcement, this new partnership seeks to create a suitable collaboration model through joint research.

The news was announced on August 21 at Ground X headquarter in central Seoul. Through this partnership, Woori Group reportedly plans to discover new business models using blockchain. The companies have given little information on the products. However, a blockchain-based credit card payments system, Woori Card will highly likely be one of the services.

An official of Woori Financial Group said:

I agree with the implementation of a life-oriented blockchain service that Ground X pursues. We plan to develop the services necessary for the financial life of customers by combining our expertise and know-how with the blockchain platform of Ground X. It is.

Woori Card is a subsidiary of Woori Financial Group that is focused on credit cards. The company added that the agreement does not involve the use of cryptocurrencies.

This is not the first blockchain partnership either of the two is getting involved. Ground X, a subsidiary of one of the largest messaging tech company, Kakao launched a crypto wallet, Klip. Klip, which was launched last month is said to utilize Ground X’s public blockchain. Kakao had been planning to combine their messaging app with a crypto wallet since earlier this year in March. The company wanted to help their users make peer-to-peer transaction on their KakaoTalk app.

According to reports, Kakao had injected over $57 million into the research and development of this crypto wallet. They had also reportedly purchased a blockchain startup company in Israel to help further their progress.

On the other hand, Woori, in collaboration with KEB Hana Bank, and KOSCOM are reportedly creating a blockchain-based platform to be used for personal identification. The partnership saw KT, SK Telecom, LG UPlus, and Samsung form a consortium to help with the project.

According to reports, the platform will store critical personal information; including bank accounts numbers, and resident registration numbers. Ultimately, this platform was created to eliminate third part interference giving users control over their identity.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as SegWitCoin BTC coins. Altcoins, which value privacy, anonymity, and distance from government intervention, are referenced as dark coins.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

Wealth manager launches world-first bitcoin yield fund

A US-based wealth manager has claimed an industry milestone with the launch of the first cryptocurrency derivatives-based yield fund on… Read More

5 hours ago

CME Group To Launch Bitcoin Options In Early 2020, Cites Client Demand

CME Group Inc (NASDAQ: CME ) announced Friday that it will launch options on its Bitcoin futures contracts in the… Read More

5 hours ago

Nigerian Rocks Crypto World By Returning NGN 28.8 Mn Worth Of Bitcoin That Was Sent To Him In Error

Here’s the latest on today’s edition of “Wait, What?!”; A Nigerian man woke up one day to find that NGN… Read More

5 hours ago

Bakkt: A Big Boost For Bitcoin (BTC) or Will It Flop?

Share Tweet Send Share The launch of the largest institutional bitcoin product of the year is finally upon us. Can… Read More

5 hours ago

Bitcoin (BTC) Metrics Pointing to Bullish Returns

Share Tweet Send Share Many analysts over the years have said that bitcoin is a speculative bubble, comparing it to… Read More

5 hours ago

Bitcoin Sheds $10,000 Support Again Ahead of Bakkt Launch

Ahead of the launch of Bakkt’s Bitcoin (BTC) futures, bears have continued to assert control over the cryptocurrency market. Ouch.As… Read More

11 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More