Kakao Corp, a major Internet conglomerate and service provider for popular South Korean messaging app KakaoTalk, and a new stablecoin project, dubbed Terra, have signed a partnership agreement to develop the latter's blockchain-based payment system, English-language news outlet The Korea Times reported Nov. 14. The new partnership agreement will apply the former's blockchain platform technology Klaytn, the brainchild of Kakao subsidiary Ground X, to a blockchain-based payment system. Through the two firms’ cooperation, the article notes plans “to enhance core requirements for payment services, such as speed, stability and reliability,” adding: “The [...] partnership agreement is expected to contribute to …

On October 30, South Korea’s main financial authority officially cleared banks to work with crypto exchanges for the first time in history, establishing a major milestone for the local cryptocurrency sector. At the state affairs audit, held by both government parties of South Korea to evaluate and track the progress of every government branch and agency under the administration of President Moon Jae-in, Financial Services Commission (FSC) commissioner, Choi Jong-ku, stated that the FSC has cleared banks to work with cryptocurrency exchanges by providing virtual bank accounts. On the digital asset trading platforms of South Korea, every bank account holder …

One of the South Korea's largest hospitals has partnered with a local tech company to develop a medical services platform based on blockchain technology, according to the hospital’s official press release Nov. 12. Myongji Hospital, located in the city of Goyang, South Korea, has signed a Memorandum of Understanding (MoU) with Korean IT company BICube, which markets itself as a machine learning platform. The two parties plan to use blockchain technology to create a healthcare information exchange system. According to the hospital’s release, the aim of the project is to “build a hybrid cloud [platform] that combines a public cloud …

South Korea’s cryptocurrency exchange Zeniex will soon terminate its services due to a recent government crackdown on unauthorized platforms, a post by Zeniex reveals Friday, Nov. 9. The crypto exchange, a joint project by South Korea and China which opened May 2018, states in the post that due to “recent issues,” they have “come to the conclusion that continuing to operate such a service will be difficult.” While crypto trading has already stopped on Nov. 9, all other services will be stopped on Nov. 23. Zeniex customers are asked to withdraw all their cryptocurrencies before the deadline, as the service …

The South Korean government has agreed to invest $35 million in next year’s budget to develop blockchain technology and industry related to distributed ledger technology (DLT), South Korea's largest economic information service company Korea Economic Daily reported Nov. 8. South Korea’s government has held a meeting on industry related to DLT and blockchain technology with the participation of the Ministry of Science and ICT, the Ministry of Information and Communication, the Democratic Party of Korea, and others. The Vice Minister of Health and Welfare announced during the meeting that the ministries agreed to increase the budget for the next year …

Four “young” hackers have been arrested in a cryptojacking case involving over 6,000 computers in what is allegedly South Korea’s “first” known case of its kind, Korean English-language news outlet Aju Daily reports Nov. 8. Cryptojacking is the practice of using a computer’s processing power to mine for cryptocurrencies without the owner’s consent or knowledge. Aju Daily cites a statement from the National Police Agency's cyber bureau that clarified that the four accused had not been detained, but would face a trial for allegedly infecting 6,038 PCs with malicious mining malware, which had been concealed in job application documents sent …

South Korea’s lawyers are lobbying the country’s government to step up its action and expedite a legal framework for cryptocurrencies, Reuters UK reports Nov. 8. The Korean Bar Association, membership of which is required of all the country’s lawyers, has appealed to the government to take more swift action in the realm of cryptocurrencies, with Bar Association President Kim Hyun telling a press conference at the parliament that: “We urge the government to break away from negative perceptions and hesitation, and draw up bills to help develop the blockchain industry and prevent side effects involving cryptocurrencies.” The South Korean crypto …

South Korea's leading virtual currency exchange Bithumb has partnered with Asian e-commerce giant Qoo10 to provide a cryptocurrency payment service, according to an official announcement Nov. 7. Qoo10, the so called “Asian Amazon,” is a leading South Korean e-commerce company in pan-Asian markets such as Singapore, Hong Kong, China, and Indonesia. The press release notes that the partnership will expand the Bithumb cash payment service as a global payment method. The two companies initially signed a contract in August and proceeded to work with the Qoo10 settlement service and Bithumb Cache system. Introduced by Bithumb this spring, Bithumb Cache is …

Throughout 2018, the cryptocurrency market experienced the fourth worst correction in its nine-year history, as Bitcoin lost more than 69 percent of the value from its all-time high of $19,500. Despite the substantial decline in the price of Bitcoin (BTC), which heavily affects the earnings of miners, the hash power of the Bitcoin network has continuously increased throughout the past 10 months, from 15 million TH/s to over 50 million TH/s from January to October. As portrayed by the research of blockchain analyst Barclay James, the breakeven cost of mining Bitcoin at 35 million TH/s is around $6,900. The formula …

Major South Korean cryptocurrency exchange Bithumb has reportedly signed a deal with an American fintech firm in an effort to open a securities token exchange in the U.S., South Korean Yonhap News agency reported Nov. 1. Citing individuals familiar with the matter, Yonhap reports that Bithumb signed an agreement with American crowdfunding platform SeriesOne. A Bithumb official purportedly told the news agency: "SeriesOne actively sought to strike a deal with Bithumb after assessing it as the most suitable partner. Bithumb will ramp up efforts to develop into a global financial firm as the blockchain-based asset tokenization is expected to spread …

The chairman of South Korea's Financial Services Commission (FSC) has affirmed that crypto exchanges should face no issues with banking provisions, local media platform Token Post reported Oct. 30. The FSC’s Choi Jong-Ku clarified that banking support would be provided as long as exchanges have adequate anti-money-laundering (AML) safeguards in place and apply robust know-your-customer (KYC) checks. In particular, South Korean banks could offer "virtual" accounts to crypto exchanges that provide an instant system to withdraw and deposit funds, allowing the crypto exchange to conduct those operations without having to directly withdraw and deposit from an actual bank account. Choi’s …

On October 29, the cryptocurrency exchange, Bitstamp, was acquired by Belgium-based investment firm NXMH, which in turn, is owned by South Korean media conglomerate NXC Corp. The Luxembourg-registered exchange is now controlled by the same company that bought the majority stake in the South Korean crypto exchange, Korbit, last year, while its CEO remains in office to continue with Bitstamp’s “global expansion.” Brief history of Bitstamp, Europe’s oldest and most legally compliant crypto exchange Bitstamp was launched in August 2011 by Nejc Kodrič and Damijan Merlak in their native Slovenia. As Kodrič recalled in an interview, their business started out …