South Korean Tech Company Plans to Fork Ripple (XRP): Report
South Korean tech firm SK C&C is reportedly jumping into the crypto space with plans to fork the XRP ledger and create a new decentralized donation platform.
According to the South Korean news outlet Chosun, SK C&C will use its new mainnet, “ChainZ,” to create both a utility token and a stablecoin.
The platform will launch a new Korean won-backed Social Value Coin (SVC) to accept donations, and will then reward philanthropists with the utility token called Social Value Power (SVP). People who donate 1,000 SVC will get 1 SVP as a reward.
“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.”
Right now, the company is focused on ensuring its platform is compliant with local regulations. Says Lee Sun-min, head of SK C&C,
“Since SK is a company, we cannot pursue profits in won stablecoins. Regulatory issues are not yet solved.
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.”
According to competitive insights platform Owler, SK C&C is majority-owned by SK Group, with an annual revenue of $53.8 billion.
The company offers IT consulting, as well as system integration, maintenance and repairs for the energy, transportation and media industries.