AsiaBlockchain TechnologyFinTechSouth Korea
The blockchain effort was organized in part by the Korea Financial Investment Association, an industry trade group in South Korea.
Other members of the new group include Dongbu Securities, Yuanta Securities Korea and Kiwoom Securities.
According to one of the group's members – blockchain startup The Loop – the new initiative will focus some of its efforts on building tools for managing trade finance processes.
"With the creation of the consortium, momentum is expected to start for spearheading the development of technology and service in the blockchain field, rather than passively following the footsteps of advanced nations," FSC chairman Kim Yong-beom was quoted as saying by regional news service Yonhap at the time.
The firm said in a statement:
The new initiative is the second of its kind in South Korea, and its formation last week comes on the heels of a separate consortium initiative spearheaded by the South Korean government.
Some of the consortium's members, including Daishin Securities, have already pursued blockchain applications of their own or in tandem with regional startups. However, the consortium effort, with a current membership of 27 companies, takes those efforts one step further.
In late October, the East Asian country's government began putting the pieces in place for its public-private consortium, back by major South Korean banks and their top regulator, the Financial Services Commission (FSC).
Specific elements of the government-backed consortium include the formation of a task force drawn from the banking sector and other agencies that would ostensibly regulate the technology. Forums for information sharing and joint development of projects are also planned.
“Beyond providing [the] blockchain-based authentication and information sharing system, we collaborate with other technology providers on developing a prototype for financial services in areas of securities trade and post trade, the prototype that is to reduce the cost and operational risk in trade finance, and ultimately improve trade efficiency."
Seoul, South Korea, image via Shutterstock
Perhaps most notably, the government has expressed interest in seeking solutions to potential regulatory problems in conjunction with the consortium, suggesting that the group could become a focal point for blockchain development in South Korea.
A new blockchain consortium has been formed in South Korea, with both established finance firms and technology startups on its membership roster.
Report: Japanese Crypto Exchanges Unite to Form Self-Regulatory Group
A group of Japanese cryptocurrency exchanges is reportedly uniting to form a new self-regulatory body in the wake of the recent Coincheck hack.
According to Reuters, which cites unnamed sources clo
Bitcoin’s bouncing back, here are the next big catalysts for the cryptocurrency
Bitcoin is back. The cryptocurrency surged Tuesday, closing in on the $12,000 level. One bitcoin bull says progress on the regulatory front could send it even higher. According to CNBC "Fast
EU Regulators to Discuss Crypto Regulation Next Week
A group of European Union regulators will meet next week to discuss the regulation of cryptocurrencies.
Speaking to reporters on Tuesday, European Commission vice president Valdis Dombrovskis said
Lisk Relaunches Blockchain Project With 'Accessibility' in Mind
The team behind the Lisk blockchain network is hosting a relaunch event in Berlin today, boasting a new look and long-term plan for the project.
"Rebranding normally only involves a change of desig
Finland Mandates Cold Storage, Public Auctions for Seized Bitcoins
Finland's government released new guidelines today that set out how law enforcement officials must handle cryptocurrencies they confiscate.
The official agencies in charge of storing the cryptocurr
500 Startups, Huobi Labs Team Up to Incubate Blockchain Projects
500 Startups, the Silicon Valley startup accelerator, announced today that it is partnering with cryptocurrency exchange Huobi's incubator wing, Huobi Lab.
The two companies will support startups i
Bitcoin Price Ticks Higher Amid Strong Korean Demand
Bitcoin's recovery continues apace, with prices passing $11,600 in the morning's trading.
According to CoinDesk's Bitcoin Price Index, at around 07:00 UTC today, the cryptocurrency reached $11,
Final 4,200,000 Bitcoins To Be Mined, The Big Game Of Mining Chip Algorithm
Miners used to mine bitcoins via CPU of PC at the birth of bitcoin. Simply downloading a software, “puzzles” then could be solved automatically and bitcoins’ awarded. However, the price of bitco