• 29 May, 2024
News

Ava Labs Teams Up With South Korean Gaint to Transform Web3 Landscape

Ava Labs, the creator of the Avalanche layer-1 blockchain, has announced a strategic partnership with SK Planet, a subsidiary of South Korean conglomerate SK Square, to bring cutting-edge Web3 infrastructure to South Korea. The collaboration is set to leverage Avalanche’s Subnet technology, specifically the UPTN Subnet, providing a foundation for SK applications and services.

A Groundbreaking Collaboration

This partnership comes on the heels of Ava Labs’ recent expansion into Asia and follows its February collaboration with Tencent Cloud, aimed at promoting widespread adoption of blockchain technology among traditional enterprises. The alliance with SK Planet marks a significant milestone for Ava Labs as it establishes a foothold in the highly competitive South Korean market.

John Nahas, Vice President of Business Development at Ava Labs, highlighted the importance of the partnership, saying, “This is our first marquee partnership with a top South Korean enterprise, and the partnership will be a cornerstone of our growth plans in the market.”

SK Planet, which focuses on data administration and marketing platforms, plans to deploy various applications and services on its Avalanche Subnet UPTN. This innovative infrastructure will enable SK Planet customers and merchants to access digital collectibles, Web3 wallets, decentralized communities, and other avant-garde features.

One notable application to be integrated with the Avalanche Subnet UPTN is SK Planet’s OK Cashbag, a membership reward program that claims nearly half of South Korea’s population as users and collaborates with 90,000 merchant partners. The program allows customers to earn points through app usage, which can be redeemed across numerous retail establishments, such as hotels, restaurants, movie theaters, and retail financial applications.

Expanding the Web3 Ecosystem

The partnership also positions the UPTN as the driving force behind SK’s Information and Communication Technology (ICT) business division’s Web3 initiative. The platform will serve as the Managed Service Provider (MSP) for infrastructure in NFT mining, Web3 community growth, and management, emulating Avalanche’s recent partnerships with Shopify/Venly and TYB.

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