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    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.

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    Avatar
    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

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