Latest News

South Korea Giants KT Corporation To Launch Crypto-Backed Online Mall

South Korea telecommunication giants KT Corporation is set to launch online mall which will be backed by Busan’s crypto. The mall will have Busan’s Blockchain-based digital currency in use during its functioning.

Incidentally, KT Corporation is the first-ever and the largest telecommunication company in South Korea, which is looking to scale new heights in the country and amid its competitors.

According to further reports, the Dongbaek Mall, which is still in its initial phase till November 27, 2020 will use the digital currency in Busan as its primary mode of communication. However, it should also be noted that the South Korean citizens will be able to adapt to the digital currency, only through the Dongbaekjeon wallet app.

“We are putting preparations in top gear to roll out additional services that will take advantage of the KT Group to activate the Dongbaekjeon service and support small business owners,” Kim Jong-Cheol, head of the KT Blockchain Biz Center, said.

The primary aim of launching Dongbaek online marketplace will be to maximize the use of cryptocurrency in the city and revitalize its economy by driving more sales for small and medium enterprises in the area.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.