Avalanche enters Korean market with SK Planet partnership

SK Planet, a leading South Korean conglomerate, has partnered with Avalanche, a global blockchain platform, to develop a customized blockchain and Web 3.0 services. This partnership marks the first case of cooperation in technology and marketing between Avalanche and a Korean conglomerate.

The two companies plan to work closely together to lead the next-generation Web 3.0 service and expand their global network by deploying a dedicated technical team exclusively for SK Planet business.

The agreement ceremony was held on the 29th of last month at the SK Planet Pangyo office building. The signing ceremony was attended by Hansang Lee, CEO of SK Planet, Professor Kim, Head of CX Business Headquarters, Taeyang Kim, Head of Platform Center, Emin Gün Sirer, CEO of Ava Labs, John Nahas, VP of Business Development, and Justin Kim, Korea Representative.

One of the significant advantages of using the Avalanche subnet for SK Planet is that it can be used independently like SK Planet’s own mainnet while enjoying the technical advantages of Avalanche. Avalanche is recognized in the global market based on fast transaction completion speed, low gas fee, compatibility with Ethereum Virtual Machine (EVM), and custom blockchain subnet.

SK Planet plans to expand the service value of OK Cashbag, which was only available in the real economy, to the virtual economy by launching the OK Cashbag membership NFT. The company aims to provide users with more experience and benefits by allowing them to design the benefits they want through OK Cashbag Membership NFTs, leading to new experiences and participation for users.

Through this partnership, Avalanche is expected to continue aggressive domestic expansion, starting with this partnership with SK Planet. The company is currently discussing collaboration with various domestic large companies, financial institutions, national institutions, and game companies. Ava Labs CEO Emin Gun Shea said, “This partnership is very meaningful in that Avalanche selected SK Planet as the first case of cooperation in technology and marketing with a large domestic company and SK Planet as a strategic partner to target the Asian market.”

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