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SK Telecom aims to expand its “affiliations with customer-preferred mainnets and decentralized applications (dApps)” using this tripartite agreement with the blockchain companies. South Korean telecom giant SK Telecom (SKT) announced plans to launch a Web3 wallet service, T wallet , in partnership with layer 1 mainnet Aptos Labs and Atomrigs Lab. SK Telecom’s vision to launch a blockchain wallet for cryptocurrencies and nonfungible tokens (NFTs) dates back to July 2022. The initiative at the time kicked off with SKT’s blockchain arm collaborating with AhnLab Blockchain Company and Atomix Lab to develop and operate a Web3 wallet . SKT가 '웹3 지갑' 개발을 위해 안랩블록체인컴퍼니, 블록체인 전문기업 아톰릭스랩과 협력합니다. 웹3 지갑은 사용자가 블록체인 네트워크 상에서 발행된 다양한 유형의 토큰을 저장·전송·수신할 수 있는 디지털 자산 지갑입니다. https://t.co/bi8SIDKK2M#SK텔레콤 #블록체인 pic.twitter.com/HFGCl3cIN8 — SK telecom (@SKtelecom) July 11, 2022 According to the latest announcement, SKT aims to expand its “affiliations with customer-preferred mainnets and d...

The city administration behind the project aims to make Busan a blockchain city and has launched a $75 million development plan to realize the goal. South Korea's second-largest city Busan is develop ing a public blockchain network compatible with mainstream blockchain platforms such as Ethereum and Cosmos. The aim is to integrate blockchain-based services from various blockchain mainnets onto a single platform at a city level and develop Busan into a Blockchain city. Busan City has allocated a 100 billion won ($75 million) budget for open blockchain development compatible with global standards under the Blockchain Innovation Fund (BIF). The funds will be raised through investments from public financial institutions in Busan with nearly 100 private companies showing interest. BIF is a private fund that supports the development of Busan's blockchain industry and infrastructure construction, led by financial and public institutions in Busan. The public blockchain develop men...

The CEO of Terraform Labs’ affiliate firm Kernel Labs reportedly held the largest amount in illegal proceeds from Terra. More than six months after the collapse of the Terra ecosystem, South Korean authorities continue to investigate and freeze the funds of persons involved in Terra. After seizing 140 billion won ($108 million) from Terra co-founder Shin Hyun-Seong in November, the Seoul Southern District Court has recently ruled to confiscate more assets related to Terra. The South Korean court has ordered to freeze of 120 billion won ($92 million) in assets of former and incumbent CEOs of Terraform Labs’ affiliate firm Kernel Labs, The Korea Economic Daily reported on Dec. 20. Founded in 2018, Kernel Labs is a blockchain consultancy firm focused on decentralized applications and blockchain payment systems. Kernel Labs is believed to have close ties with Terraform Labs, as CEO Kim Hyun-joong once reportedly served as vice president of engineering at Terraform Labs. According to some...

Join Our Telegram channel to stay up to date on breaking news coverage Do Kwon, the co-founder of Terraform Labs has taken responsibility for the “weakness” in the design of the Terra network that triggered its collapse. Terra collapsed in May, causing around $60 billion in losses. Do Kwon takes responsibility for Terra’s collapse The collapse of Terra has attracted regulatory attention, with authorities in South Korea inviting Interpol to issue a red notice against Do Kwon. The Terraform Labs co-founder has now opened up on the troubles facing him. Kwon attracted backlash from the crypto community for what many termed as arrogance by mocking his competitors. In one instance, Kwon responded to Frances Coppola, a British economist that criticized the design of Terra’s algorithmic stablecoin, saying he does not “debate the poor.” Nevertheless, Kwon rallied major investors into Terra, including Galaxy Digital and Lightspeed Venture Partners. ...

Source: Tippapatt/Adobe South Korea may soon do away with plastic – and ditch physical forms of ID in favor of blockchain technology -powered alternatives. Smartphone ownership is estimated to be upward of 88% in South Korea – with some sources claiming the figure may be as high as 95%. And tech firms, the government, the police force, and banks have responded by launching initiatives aimed at doing away with plastic driver’s license cards and social security ID cards. Instead, they now favor blockchain-powered digital alternatives. Woori Bank, one of the nation&rsquo ;s largest commercial banks, announced that it would begin actively “promoting the issuance and use of mobile driver’s licenses” at the 2022 International Security Industry Expo, E Today reported. Bank staff will begin informing customers on how to go about receiving a blockchain-powered ID. These digital cards can be obtained on-the-spot by using machines in nationw...