Despite crypto’s badly tarnished repute following FTX’s collapse, some massive companies are warmly embracing its underlying distributed ledger know-how. LG CNS, the IT options subsidiary of the South Korean conglomerate, has fashioned a strategic partnership with QuickNode, a blockchain deployment platform aiming to carry Web 2.0 providers into web3.
Besides saying the partnership, LG additionally revealed that it has invested in QuickNode by means of LG Technology Ventures for an undisclosed quantity. To date, QuickNode has raised round $115 million. Upon elevating $60 million from 10T Holdings, Tiger Global and others, the corporate was valued at $800 million in January.
LG CNS‘s system integration and digital transformation companies are wide-ranging, having constructed options in cloud, SaaS, synthetic intelligence, huge knowledge, sensible metropolis, safety, web3 and blockchain. The firm initiated its blockchain enterprise in 2015 and unveiled its personal blockchain platform Monachain three years later.
Unlike public, permissionless blockchains equivalent to Ethereum, Monachain is custom-built for enterprises and is utilized to conventional industries like finance, logistics and vitality. Some of the options powered by Monachain embody cellular id playing cards, NFTs, digital foreign money platforms, used battery distribution historical past administration, issuance of healthcare data paperwork and electron contract programs.
South Korea’s tech-savvy inhabitants positions it as a perfect testing floor for blockchain functions. The authorities’s plans to switch bodily IDs with digital options authenticated by blockchain have given business gamers a lift of confidence.
It’s no shock, then, that Monachain has secured greater than 50 company clients, together with a number of of the most important Korean banks, equivalent to NH Noghyup Bank, Woori Bank and KB Bank, in addition to LG’s telco unit referred to as LG U+. In 2022, NongHyup Bank began working with LG CNS to work on a digital pockets resolution that helps the circulation of its central financial institution digital foreign money (CBDC).
QuickNode will not be LG CNS’ first foray into the crypto area. For one, the LG-owned IT arm has been working with U.S.-based decentralized id agency Evernym on decentralized id, a option to put management over private data again into the fingers of customers by utilizing blockchain.
In addition, final 12 months, LG CNS launched its blockchain-based encrypted cellular ID card service for employees and launched token-as-a-service, which helps companies difficulty NFTs on Monachain. Altogether, the 2 areas of providers have attracted round 10 enterprise clients within the finance, telecommunications and manufacturing sectors.
Meanwhile, LG Electronics, LG CNS’s sister firm, mentioned in 2022 that it had formally added cryptocurrency and blockchain as its new areas of enterprise.
For QuickNode, the partnership with an LG subsidiary is a chief alternative for its growth in Asia.
“By partnering with LG CNS, we’re setting a course for a future where blockchain technology is integrated into every digital facet, especially in the dynamic APAC market,” Alexander Nabutovsky, co-founder and co-CEO of QuickNode, mentioned in an announcement.