South Korean banking services giant Woori Financial Group is teaming up with Kakao’s blockchain subsidiary Ground X to develop blockchain-based financial services, as reported by CoinDesk.
Kakao, South Korea’s internet and messaging app giant, established Ground X last year in a bid to drive the mainstream adoption of blockchain technology. Ground X recently launched the mainnet of its public blockchain platform, Klaytn, which already counts several major companies as participants. Among them are electronics behemoth LG and Union Bank of the Philippines.
Despite few details, Crypto NewsZ reported that Woori Financial Group and Ground X will collaborate under the agreement to develop blockchain-based financial services as well as to create a sustainable collaboration model through joint research.
“We will make more secure and convenient blockchain-based financial services with Woori Financial Group based on the technology and know-how accumulated through KLAY development,” Ground X stated in the press release, referencing its native token for the Klaytn platform.
Last month, Woori Bank announced its joint operations with other major South Korean companies, including Samsung Electronics, SK Telecom, KT, LG UPlus, KEB Hana Bank, and KOSCOM, to create a blockchain-based identification platform.
Earlier in August, Kakao teased the upcoming launch of its cryptocurrency wallet, ‘Klip’, which is being developed by Ground X based on its Klaytn platform. The e-wallet will reportedly support a number of services including finance, games, and other content, as well as the storage of KLAY and Klaytn-based cryptocurrencies.
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