SK C&C, the holding company of South Korea’s third conglomerate the SK Group, plans to develop a donation platform on Ripple. A stablecoin will also be issued linked at a 1:1 ratio with the Korean won along with a utility token.
Local South Korean paper Chosun reports that SK C&C will be creating its own donation platform as a fork of Ripple. Although still in its planning phase, the head of the SK C&C, Lee Sun-min, told reporters that regulatory barriers still present a significant hurdle.
The holding company, which boasts some $2B in annual revenue, is still looking for a company to build the platform ecosystem. It is currently being dubbed “ChainZ” and will largely depend on its own stablecoin, called the Social Value Coin (SVC). The utility token, called Social Value Power (SVP), will reward those who contribute. For example, those who donate their SVCs will receive a fraction of that total in SVPs. The SVPs can then be used to buy items at merchants who accept the cryptocurrency.
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The entire platform is planned to be released on top of a Ripple fork, but it is still unclear if the crypto behemoth, who has some major deals upcoming, is involved.
SK C&C is the de facto holding company for SK Group, which boasted some $140B in revenue in 2012. It is currently the third-largest conglomerate in South Korea and boasts a strong revenue stream of over $2B with over 4,000 employees.
The donation platform will be nonetheless hard to implement in a country still recovering from the 2018 crash, which caused authorities to view cryptocurrencies in a negative light. As a result, most blockchain projects have been under strict surveillance in the country. Lee Sun-min did not give a definite timeline for when we can expect the donation platform to be launched for this reason alone.
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