South Korean Firm To Fork Ripple And Develop A New ‘ChainZ' Social Value Coin Donations Platform

    Last month, the Binance Charity Foundation (BCF) released a statement in which it revealed that it was looking to release a digital coin that would look to support women’s health related issues. In regards to the deal, it has been widely reported that in order to fulfill its vision, BCF partnered with a total of 46 organizations including Ripple

    • Korean firm — SK C&C — is currently in the process of building its very own donations platform.
    • The holding company currently provides its services to a number of firms operating within domains such as IT, logistics, finance and media.

    As per an all-new report released by S.Korean media outlet Cosun yesterday, local holding company SK C&C has announced its decision to create a new donations platform that will be built atop a Ripple blockchain fork.

    In addition to this, it should also be pointed out that this new platform will support a stablecoin whose value is pegged to the Korean Won (using a 1:1 ratio).

    As things stand, the platform in question is still in its planning phase and according to the head of SK C&C — Lee Sun-min — there are still a few regulatory/infrastructure related barriers that need to be ironed out before the service can go live. In regards to this entire development, Sun-min was quoted as saying:

    “Since SK is a company, we cannot pursue profits in won stablecoins. Regulatory issues are not solved, too […] It's hard to build a platform ecosystem […] Not just a single company can do it. We are currently looking for a company to build a platform ecosystem.”

    The platform will reportedly be called ‘ChainZ’ and it will make use of a won-pegged stablecoin called Social Value Coin (SVC) to facilitate user donations.

    ChainZ will also make use of a utility token called Social Value Power (SVP) to reward its benefactors. These SVP tokens can later be redeemed at a number of local merchant outlets.

    As things stand, SK C&C draws in an annual revenue of $53.8 billion.

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Shiraz J
    Shiraz is a multi-year cryptocurrency analyst and blockchain journalist residing in Melbourne, Australia. When he is not writing about the bitcoin ecosystem, he enjoys the art of meditation, playing the blues and traveling the world.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


    Please enter your comment!
    Please enter your name here


    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    Danone Launches ‘Track & Connect' Putting Baby Formula Supply On Blockchain Technology

    Danone is applying for the first time blockchain, aggregation and serialisation technologies for its infant formula packs. David Boulanger, the company’s senior VP of...

    Deribit Exchange Launches Ethereum Daily Options After Success With Bitcoin Contracts

    The Deribit Exchange specializing in crypto derivatives has launched daily Ether (ETH) options, an announcement from Monday and made on Twitter says. The strike price...

    Central Bank of Russia Proposes Amendments To Legal Framework for Tokenization

    The proposed cryptocurrency legislation in Russia could change a lot, now that a new bill for tokenization has been filed. On February 17, the Central...

    Ripple (XRP) Price Analysis (February 17)

    Key Highlights XRP market is under a falling force by the US dollar price valuation. XRP/USD pair’s value now averages a low point at...

    Binance Applies for Singapore Crypto License Under The New Payment Services Act

    Binance crypto exchange through its parent company has applied for Singapore’s new operating license. This follows an upgrade of laws governing crypto in the...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.