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South Korean Telecoms Giant SK to Unveil Ripple-based Charity Tool

Tim Alper
Last updated: | 1 min read

South Korean telecoms giant SK is set to debut a new blockchain-powered donations platform it has developed using Ripple technology. The company has been working on the platform since summer last year – and has now opened it for SK Group employees.

Source: iStock/Supersmario

The platform is named ChainZ, and uses the Ripple blockchain network, as well as a Korean won-pinned stablecoin named the Social Value Coin (SVC) for donations, with the Social Value Power (SVP) utility token handed out to donors as a reward.

The company has previously stated that donors will receive 1 SVP token for every 1,000 SVC tokens they give on the platform.

SK Group staff can now access the platform via a smartphone app, reports Asia Kyungjae. And SK plans to debut ChainZ in a pilot public campaign for charity Korea Food for the Hungry International, which will look to raise some USD 27,500 at the end of January.

The company says that it plans to cooperate with NGOs to boost donation drives, focusing on education, hunger and support for single mothers.

The group points out that the percentage of people donating to charity in South Korea is the lowest in the Organization for Economic Co-operation and Development (OECD), but states that its new blockchain-powered platform will help resolve this imbalance thanks to its transparency.

SK has prioritized blockchain business of late, with a range of blockchain-powered ID solutions in the pipelines. The group also stumped up USD 10 million worth of investment for blockchain company ConsenSys in June last year.

Learn more: How Crypto Philanthropists are Helping Themselves and the Cryptoverse