Korea’s Largest Telecom Operator Announces Blockchain Service For Asset Management

South Korean telecommunications operator SK Telecom announced the release of an asset management service with Blockchain tech, as well as a platform for linking Blockchain startups with investors, local news outlet The Korea Herald reports today, April 24.

According to Oh Se-hyeon, the executive vice president of the telecom operator’s Blockchain division, “the service will allow users to manage all bank accounts, credit cards, mileage points and other non-financial assets, including cryptocurrencies, in one basket, and enable transactions of the assets based on trust.”

SK Telecom’s new tech platform, the “Token Exchange Hub,” will support the Initial Coin Offerings (ICO) of startups by offering both “technological and financial consultants” according to Oh Se-hyeon:

“SKT will provide systematic administrative supports for startups to issue bitcoins in a more transparent and safe manner through the platform [...] We will provide consistent supports for companies that will do businesses using blockchain technologies and help create a blockchain ecosystem.”

Business tech outlet ZDNet also reported today that SK Telecom will be using a Blockchain-based real name authentication program for its subscription and verification service.

SK Telecom is already an investor in crypto exchange Korbit; the telecom operator was one of the first major investors in the exchange alongside tech investor Tim Draper.