S. Korean Capital to Launch Own Crypto

S-Coin will be used in city-funded social benefits programs
03 April 2018   398

Mayor of the capital of South Korea Park Won-soon announced plans to create a crypto currency called S-Coin, which will be used in urban social assistance programs. In addition, a special fund will be organized in Seoul to support the development of blockchain technologies and related start-ups, CoinDesk reports.

As Seoul is the world's leading city in the field of information and communications, including the Fourth Industrial Revolution, I think we should study new technologies such as blockchains. Blockchain can be applied to all bureaucratic administrations in Seoul, such as the public transport system system operated by Seoul City and the provision of youth allowance.

Park Won-soon

Mayor, Seoul

Won-soon also noted that S-Coin will be used as a method in urban social security programs for civil servants, young applicants and citizens who help the environment by saving energy, water and gas.

In order to make an S-Coin, we need to prepare institutional and legal support such as bylaws. I've met blockchain companies, and I think our companies are not seeing the light because of the various regulations. Actually, [the] technology is as advanced as any other country. By creating clusters that will allow blockchain companies to build up, and startups to develop new technologies, we are working to develop and spread blockchain technology around the world.

Park Won-soon

Mayor, Seoul

At the end of last year, the "daughter" of the South Korean electronic giant Samsung SDS announced the development of a blockchain-platform for the public sector of Seoul.

Bakkt to be Launched in December

It is also reported that Goldman Sachs does not plan to create custodial cryptocurrency solutions based on the Bakkt infrastructure
19 October 2018   53

The expected launch of the Bakkt will take place on December 12 of this year. It is reported by The Block, citing informed sources.

Also, the material states that the investment bank Goldman Sachs does not plan to create custodial cryptocurrency solutions based on the Bakkt infrastructure. At the same time, the bank is considering the possibility of trading futures on a new platform.

In a recent Fortune interview with Bakkt, Kelly Lofler said that the cryptocurrency market is on the verge of a revolution comparable in size to the one that occurred on the energy market in the early 2000s.

Greater institutional participation in the digital asset markets requires secure and regulated custody solutions. We are impressed by BitGo’s product, unique services, and the management team. We view our investment in BitGo as an exciting opportunity to contribute to the evolution of this critical market infrastructure.

Rana Yared

Managing director, Goldman Sachs’ Principal Strategic Investments group

Bakkt is a cryptocurrency unit of the Intercontinental Exchange (ICE), which is the operator of the New York Stock Exchange. Giants such as Microsoft and Starbucks are taking part in creating of the new project, which is positioned as an “ecosystem for digital assets”.

The new platform will offer deliverable bitcoin futures to the market (unlike the settlement contracts for CBOE and CME, these are based on the underlying asset). The platform will support multiple fiat currencies.