HomeBlockchainICON blockchain and SK Group join forces

ICON blockchain and SK Group join forces

ICON blockchain, a project born in South Korea, has reached a partnership agreement with SK Group, a company that ranks 57th in the Fortune 500 ranking.

The agreement specifically concerns SK Planet, a subsidiary of SK that has signed an agreement to use blockchain technology in its mileage-based loyalty program that is used by 35 million South Koreans, more than half of the population of the eastern nation.

It is expected that, alongside this promotion system, ICON will also be used to support the mobile service.

SK’s cashback promotion system is called OK Cashbag and is also used by the large Hani outlet chain.

Already in July, this company announced its intention to use the blockchain-based merchandising tool, but the name of the strategic technology partner was not revealed, ruling out the possibility of an ICO.

The recent agreement between ICON and the messaging app Line, made public just a few days ago, must have prompted the giant to break the hurdles and close the deal.

J.H. Kim, ICON’s board member, said: “Through cooperation with SK Planet, which has OK Cashbag and Syrup services already being widely used by the public, ICON will keep up the hard work to popularize blockchain”.  

ICON currently capitalises around $49 million. The prices at the time of the announcement of the agreement, have recorded a significant upward trend.

However, this was not the only relevant news for ICON, which also saw a postponment of its token swap as well as the launch of a sports betting platform based on its own token.

The interest of Korean conglomerates in blockchain technology is remarkable. For example, the giant Samsung, is developing ASIC-type mining rigs.

Fabio Lugano
Fabio Lugano
Graduated with honors from Bocconi University, Fabio is a consultant for companies and wounded shareholders of the Banche Venete. He is also the author of "Scenari Economici", and lecturer and analyst of cryptocurrencies since 2016.