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

  • 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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