South Korean Tech Company Plans to Fork Ripple (XRP): Report

August 12, 2019

[the_ad id=”36860″]

South Korean tech firm SK C&C is reportedly jumping into the crypto space with plans to fork the XRP ledger and create a new decentralized donation platform.

According to the South Korean news outlet Chosun, SK C&C will use its new mainnet, “ChainZ,” to create both a utility token and a stablecoin.

The platform will launch a new Korean won-backed Social Value Coin (SVC) to accept donations, and will then reward philanthropists with the utility token called Social Value Power (SVP). People who donate 1,000 SVC will get 1 SVP as a reward.

“SK is to fork Ripple…

Two coins are used in ChainZ, such as the stablecoin SVC that works in a 1:1 ratio with the won and coin SVP (Social Value Power) which is used for compensation. The reason for using it as a branch is because of ecosystem liquidity.”

[the_ad id=”36860″]

Right now, the company is focused on ensuring its platform is compliant with local regulations. Says Lee Sun-min, head of SK C&C,

“Since SK is a company, we cannot pursue profits in won stablecoins. Regulatory issues are not yet solved.

Technical implementation is not difficult, but 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.”

According to competitive insights platform Owler, SK C&C is majority-owned by SK Group, with an annual revenue of $53.8 billion.

The company offers IT consulting, as well as system integration, maintenance and repairs for the energy, transportation and media industries.

[the_ad id=”36860″]

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.