OkCashBag is the largest loyalty program in South Korea with over 34 million users. It is Korea’s first ever integrated loyalty points program that allows members to collect and redeem points. It is been ran and operated by SK telecom with its headquarters at Jung District, Seoul, South Korea. This telecommunication giant in South Korea is planning on how to convert cash points to crypto.
However, SK telecommunications have been interested in the blockchain industry for a while now dating as far back as 2013, when the new technology was still at it’s early stage. To this effect, the company invested in Korbit, the third largest digital asset exchange in South Korea bringing it to the leading position alongside Tim Draper and Softbank.
This report was first made by a very popular media outlet in South Korea, Hani, few days back, saying that the company plans to make a move into the cryptoworld by integrating cryptocurrency on the OkCashBag platform.
History had it in September 2017 that Korbit was sold to the country’s gaming giants, Nexon, at the rate of $120 million, although it is still not certain whether SK’s stake in Korbit was sold alongside to NXC.
SK’s daughter company, SKPlanet, told local report on the 3rd day of July that it is still possible for the OkCashBag platform to establish a more stable coin when compared to Bitcoin and Ethereum so as to prevent its users and the company itself from being affected by highly volatile nature of the digital assets.
In an interview with Hani media outlet, an SKPlanet representative stated thus:
“OKCashBag has approved the initiation of OKX Project, a blockchain technology-based project, and is currently in a phase of reviewing various business models and incentivization methods. But, SKPlanet will not engage in any initial coin offering (ICO) or fundraising pertaining to OKX Project.”
Currently, the platform is being utilized by over half the population of South Korea and in different sectors of the economy not excluding the airline, credit card company, restaurant and merchant with the aim of encouraging its loyal clients and consumers to make them continue patronizing their goods and products. When this, is finally built on the blockchain network, I believe that it will expose more people in South Korea to the cryptocurrency sector.