Cointime

Download App
iOS & Android

SK Planet Announces UPTN, South Korea’s Long-Awaited Web3 Ecosystem Built on Avalanche

Cointime Official

Avalanche announced that SK Planet, one of South Korea's largest information and communications technology platforms, will be launching a dedicated Avalanche Subnet called UPTN. 

According to the announcement, UPTN will be integrated into SK Planet’s many popular services and apps, such as OKcashbag (OCB). OCB is the largest e-commerce loyalty program in Korea, membership of which comprises almost half of the South Korean population. OCB’s community will gain access to NFTs, unique community features, and dynamic membership benefits powered by the Avalanche protocol.

“Ava Labs is fully committed to supporting South Korea’s buyers and merchants as they explore the unique benefits of the Avalanche ecosystem,” said Emin Gün Sirer, CEO, Ava Labs. “We see this new partnership between Ava Labs, the Avalanche Foundation, and SK Planet as an incredible opportunity to not only meet South Korea’s enormous appetite for Web3 experiences, but expand what’s possible in 21st century e-commerce.”

Read full thread:

Web3 is exploding in South Korea, and Ava Labs is proud to be a critical partner in supporting Web3 and #Avalanche adoption in the region.

“Ava Labs is fully committed to supporting South Korea’s buyers and merchants as they explore the unique benefits of the Avalanche ecosystem. We see this new partnership between Ava Labs, the Avalanche Foundation, and SK Planet as an incredible opportunity" - @el33th4xor

This partnership is focused on real mass adoption.

OK CashBag (OCB) is the country's largest e-commerce loyalty platform and serves almost half of the country’s population.

The UPTN subnet integration with OCB and other SK Planet apps will enable tens of millions of users to access NFTs, unique community features, and dynamic membership benefits powered by the Avalanche platform.

Comments

All Comments

Recommended for you

  • Net inflows into spot Bitcoin ETFs reached $179 million on March 28

    Spot on Chain, a blockchain data monitoring platform, posted on social media that the net inflow of spot bitcoin ETF on March 28th reached 179 million US dollars, a decrease of 26.9% compared to the previous trading day. After 54 trading days, the total net inflow accumulated to 12.13 billion US dollars, which is the level before the last fully negative trading week. BlackRock's iShares Bitcoin ETF (IBIT) and Grayscale's GBTC both saw a significant slowdown in daily inflows and outflows on March 28th.

  • Bitcoin spot ETF had a total net inflow of US$179 million yesterday, and the ETF net asset ratio reached 4.25%

    According to SoSoValue data, the Bitcoin spot ETF had a total net inflow of $179 million yesterday (March 28th, US Eastern Time).Yesterday, Grayscale's ETF GBTC had a net outflow of $104 million, and its historical net outflow is $14.77 billion. The Bitcoin spot ETF with the highest net inflow yesterday was BlackRock's ETF IBIT, with a net inflow of approximately $95.12 million, and its historical total net inflow has reached $13.96 billion. The second is Fidelity's ETF FBTC, with a net inflow of approximately $68.09 million yesterday, and its historical total net inflow has reached $7.56 billion.As of now, the total net asset value of Bitcoin spot ETF is $59.1 billion, and the ETF net asset ratio (market value compared to the total market value of Bitcoin) is 4.25%, with a historical total net inflow of $12.12 billion.

  • Ethereum Inscription ETHS rose over 95% in 24H

    CoinGecko data shows that Ethereum Inscription ETHS has risen by 95.9% in the last 24 hours, now reporting at 7.51 USDT. Earlier, Ethereum founder Vitalik released the latest long article "Ethereum has blobs. Where do we go from here?". As a result of this news, the price of Ethereum Inscription ETHS soared.

  • Binance exec sues Nigeria’s National Security Agency over detention

    According to CoinGape, Tigran Gambaryan, a detained executive of Binance, has filed a lawsuit against the National Security Adviser (NSA) and the Economic and Financial Crimes Commission (EFCC) in Nigeria. Local media reported that on March 28th, Tigran Gambaryan sued the National Security Agency, accusing it of violating his basic human rights and seeking five major remedies from the court.He urged the court to approve the return of his passport and to release him immediately after more than three weeks of detention. He also requested a ban on future detention in similar investigations and demanded public apologies from the National Security Agency and the EFCC.In addition, he requested that the court pay the full amount of compensation for the lawsuit.

  • Vitalik: As L2 transaction costs decrease, there’s no reason why Ethereum can’t be widely adopted

    After the upgrade and introduction of blobs on Ethereum Dencun, Ethereum founder Vitalik Buterin shared his insights on the future direction of Ethereum's expansion. Vitalik emphasized the transformation of Ethereum's expansion from basic expansion work to centralized, progressive enhancement. Vitalik also stated that developers' focus will shift to the application layer. Ethereum will maintain its roadmap centered on L2, and applications will migrate from L1 to L2 to benefit from faster and more cost-effective transactions. An upcoming upgrade is Data Availability Sampling (DAS), which aims to increase the data space for each slot to 16 MB. Progressive expansion improvements include gradually increasing blob capacity, improving data compression, and EIP-7623 (aimed at reducing maximum block size). Vitalik pointed out that with the reduction of L2 transaction costs, there is no reason why Ethereum should not be widely adopted.

  • RWA project Midas completes US$8.75 million in seed round financing

    According to Jinse Finance, RWA project Midas has completed a seed round of financing worth $8.75 million, led by BlockTower, Framework, and HV Capital, with participation from institutions such as Coinbase Ventures, Ledger, GSR, Hack VC, Axelar, and FJ Labs.

  • Two Different Sentences for FTX Founder Sam Bankman-Fried: 25 Years and $11 Billion vs. 16 Months and $8 Billion Losses

    The founder of FTX, Sam Bankman-Fried, has been sentenced to 16 months in prison and charged with eight criminal counts, including money laundering and conspiracy. He was involved in a scheme that caused customers to lose $8 billion and allegedly diverted customer funds to Alameda. Bankman-Fried's lawyers had requested a lighter sentence, but the judge rejected their argument that the collapsed company had vowed to return money to its customers. Prosecutors had sought up to 50 years in prison for Bankman-Fried.

  • SBF ordered to forfeit more than $11 billion

    SBF has been ordered to confiscate more than 11 billion US dollars. SBF has now been sentenced to 25 years in prison.

  • Former CEO of FTX and Alameda Research Sentenced to 25 Years in Prison for Fraud and Money Laundering

    Sam Bankman-Fried, the co-founder and former CEO of FTX and Alameda Research, has been sentenced to 25 years in prison for fraud and money laundering. The judge criticized Bankman-Fried's behavior during the trial and deemed a 25-year sentence to be sufficient. Bankman-Fried's sentence may send a message to the crypto industry and there is no possibility of parole, but he may earn "good time" credit for good behavior while incarcerated. Bankman-Fried was found to have misused over $8 billion in customer funds and will be serving time in prison for his actions. The trial emphasized the importance of not using customers' funds without their knowledge or approval.

  • The Safe Case: How AI and Smart Accounts will Revolutionize Crypto

    Web3’s first billion users may not only be humans, but AI agents, signalling a nascent but growing "agent economy"—an onchain economy run solely by AI agents that is turning the crypto-AI dream team into a reality.