Woori Financial Collaborates with Ground X on Blockchain-based Financial Services

Asia Blockchain Review
August 28, 2019

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.

Bringing Better Security and Convenience to Finance

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.

South Korean Firms Embrace Blockchain

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.




About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

Related Article
South Korean Mobile Service Provider Unveils Blockchain OS
Union Mobile, a major mobile service provider in South Korea, has recently unveiled its blockchain o...

September 22, 2019

UK, US Top List of Most Crypto Exchanges by Country followed by Hong Kong and Singapore
Blockchain analytics platform Crystal has revealed a breakdown of the countries with the most regist...

September 22, 2019

Thai Oil Major PTT to Create Renewable Energy Blockchain Platform
Thai energy giant PTT has partnered with Energy Web Foundation to launch a blockchain-based platform...

September 22, 2019

Five Privacy Coins to be Delisted at OKEx South Korea
The South Korean branch of OKEx has announced it will be delisting privacy coins including Dash and ...

September 21, 2019

We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us