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South Korean Software Behemoth Hancom Wades into DeFi Arena

Altcoins

DeFi

South Korea

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Tim Alper

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Tim Alper

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Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...

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Last updated:

June 25, 2023

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A group of South Korean companies, including a subsidiary belonging to the software giant Hancom is set to launch a DeFi (decentralized finance) project – marking a first for a collective of major companies for the nation.

Per Aju News, the group will comprise Hancom’s blockchain and industry 4.0 arm Hancom With, which will make use of technology it has developed with the commercial bank Shinhan’s systems management and IT services subsidiary Shinhan DS. This pooled technological expertise will be put to use to launch a new digital assets platform.

And the latest deal, a memorandum of understanding sealed on January 6, will see the platform linked to a blockchain-powered financial solution developed by a blockchain firm named XTOCK.

Joining XSTOCK and Hancom With in the deal will be a financial liquidity provider named Basic, as well as Roonets, a provider of IT solutions for the hotel industry, mobile payments provider Tmonet and the hotels booking platform Hotelnjoy.

Shinhan DS and Hancom With have been working on the digital assets platform since February last year.

The firms did not put a timeline on the release of their new DeFi offering, but could seek a rollout within the year.

The same media outlet quoted a Hancom With spokesperson as stating,

“We will introduce a decentralized digital financial service that allows users to easily and quickly issue digital assets and trade safely. We have established a cooperation network with domestic and foreign competitive partners that will let us quickly take ground in new markets.”

Hancom is most famous for its Hangul Office suite of software solutions, Korean-language apps, including word processing programs, spreadsheets and presentation apps.
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