OKCashBag is Korea’s largest member mileage and point marketing company, operated by SK, the country’s largest telecommunications group, with more than 35 million users. Now, the company announces that its systems will integrate key digital assets to support and motivate users to use cryptocurrencies.
OKCashBag integrates the motive behind cryptocurrency
If you want to explore the motive behind OKCashBag’s integration of cryptocurrencies, you first need to understand the SK group behind the company. They have been supporting the cryptocurrency and blockchain industries since 2013 and are investing with Silicon Valley investment giant Tim Draper and Softbank. Korea’s third largest cryptocurrency exchange Korbit. In fact, SK Group has always maintained a leading position in the Asian cryptocurrency market.
South Korean media Hani reported that SK Group is considering integrating cryptocurrency into the OKCashBag platform, which is another important move in the blockchain industry after the group invested in the Korbit exchange.
In September last year, the $120 million price of Korbit was acquired by game giant Nexon, when its valuation reached $10 billion. Although it is not clear whether SK Group sold its Korbit shares to Nexon at the end of last year, according to industry analysts’ reports, SK Group has admitted that its investment in Korbit has achieved great success and is therefore planned to enter. An ambitious cryptocurrency plan.
On July 3, SKPlanet, a subsidiary of SK Group (they also invested in Korbit), told local media in South Korea that OKCashBag may not integrate mainstream digital assets such as Bitcoin and Ethereum, and it is likely to choose stable currency to prevent mileage. Individual and corporate users of the system receive the high volatility of cryptocurrency prices.
A representative of SKPlanet said in an interview with Hani:
“OKCashBag has approved the blockchain project OKX Project and is currently reviewing relevant business models and incentives internally. However, SKPlanet will not participate in any initial token issuance or other fundraising for the OKX Project.”
As of July this year, OKCashBag has more than 35 million members – more than half of the Korean population. Currently, its platform is used by almost all Korean airlines, credit card companies, restaurants and merchants to motivate loyal customers and consumers. Obviously, once the OKCashBag platform integrates cryptocurrencies, it will inevitably further promote the application and popularity of cryptocurrencies in the entire Korean market.
USDT may not be the first choice for OKCashBag
SKPlanet suggests that the OKCashBag platform may not integrate stable currencies such as Tether (USDT), as the USDT has been subject to lack of transparency and auditing, so the OKCashBag platform is likely to consider other stable currencies in the market.
Regardless of which cryptocurrency the company eventually integrates, OKCashBag has made it clear that it will not issue any initial tokens, nor will it create digital tokens listed on the exchange. They said:
“SKPlanet and OKCashBag did not consider initial token issuance, or other forms of fundraising, nor did they consider issuing digital tokens on the exchange. We are integrating cryptocurrencies and have improved the current user allocation incentive system while optimizing others. Service. In fact, we did not put the pursuit of profit first.”
Now OKCashBag has approved projects and plans to add cryptocurrencies to its platform. Once the business model and incentives are determined, they expect to integrate cryptocurrencies on the platform in the fourth quarter of this year.