South-Korean Tech Firm Plans To Fork Ripple (XRP) | Oracle Times

Ripple and XRP had a great year so far, and the company was able to bag a lot of partnerships. The San Francisco-based firm also made sure to boost the XRP ecosystem.

Now, XRP is in the spotlight again, and it involves another company.

South Korean tech company SK C&C jumps into the crypto space, and according to the latest reports, it has plans to fork the XRP ledger and create a new decentralized donation platform.

Creating a utility token and a stablecoin

The Daily Hodl reported that the South Korean news magazine Chosun wrote that SK C&C would use its new mainnet, “ChainZ,” to create both a utility token and a stablecoin.

It’s been also reported that the platform will launch a new Korean won-backed Social Value Coin (SVC) to accept donations.,

After that, it will reward philanthropists with the utility token called Social Value Power (SVP). People who donate 1,000 SVC will receive 1 SVP as a reward.

The online publication mentioned above cites the official notes and reveals that “SK is to fork Ripple…Two coins are used in ChainZ, such as the stablecoin SVC that works in a 1:1 ratio with the won and coin SVP (Social Value Power) which is used for compensation. The reason for using it as a branch is because of ecosystem liquidity.”

Solving regulatory issues

At the moment, the company’s main aim is to make sure that its platform is compliant with local regulations. Lee Sun-min, head of SK C&C, stated the following:

“Since SK is a company, we cannot pursue profits in won stablecoins. Regulatory issues are not yet solved.”

Sun-Min continued and said: “Technical implementation is not difficult, but it’s hard to build a platform ecosystem. Not just a single company can do it. We are currently looking for a company to build a platform ecosystem.”

Andreas Townsend Author

I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.

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Disclaimer: This press release is for informational purposes only, the information does not constitute investment advice or an offer to invest. The opinions expressed in this article are those of the author and do not necessarily represent the views of CriptomonedaseICO , and should not be attributed to, CriptomonedaseICO .

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