Ripple Based Donation Platform to Be Launched by South Korea Firm With $53.80bln Rev. August 10, 2019 August 10, 2019 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsAugust 10, 2019 by Kelly Cromley

Ripple Based Donation Platform to Be Launched by South Korea Firm With $53.80bln Rev.

South Korean enterprise SK C&C has disclosed its intention to launch a donation platform using the fork of Ripple blockchain. The platform is also expected to support a stablecoin pegged to won in a 1:1 ratio, and also a utility token.

Chosun, South Korean news daily, has reported that the donation platform is currently in the planning stage. Lee Sun-min, who heads SK C&C, pointed out that issues related to regulation and framework creation act as barriers to the creation of suggested platform.

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

The donation platform, dubbed “ChainZ,” will depend on the won-pegged stablecoin Social Value Coin (SVC) for offering donations, and use the utility token Social Value Power (SVP) to award beneficiaries. Donors of SVCs will be awarded one thousandth of the sum in SVPs.

For instance, a donor of 50,000 SVCs will receive 50 SVPs, which can be used to purchase goods offered by merchants.

SK C&C is the holding company of SK Group, offering its services in industries such as IT, finance and communications, logistics and media. SK C&C, according to Owler, has annual revenue of $53.80 billion.

It can be remembered that Binance Charity Foundation has unveiled plans to introduce a token to assist women’s health in July. 46 organizations, including Ripple, have collaborated to popularize the “Pink Care Token (PCAT)” for assisting women’s health in developing nations.

PCAT will be launched as a redemption-only token on Binance chain, and the token will be used for one year’s sanitary supplies. The supplies is planned to be shipped to Uganda in mid-July next year.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.