In Oct 2015 Bitcoin Magazine covered the launch of OKLink, an opened upwards digital wallet created past times Chinese Bitcoin central OKCoin, designed to allow national too digital currencies to directly transact across borders too currencies, amongst no fees.
“We tin enshroud Bitcoin engineering scientific discipline inwards the background,” said OKLink Chief Strategy Officer, Jack Liu, “and that’s what nosotros induce got launched amongst a production called OKLink: a mobile wallet that allows you lot to grip a to a greater extent than comfortable type of value, similar USD or CNY, only transact over the Bitcoin network.”
Now incorporated as a subsidiary inwards Hong Kong too styling itself as a global blockchain money transfer network, terminal calendar month the OKLink squad offered $100 1000000 inwards costless remittance trades to international remittance partner companies inwards monastic state to promote their service too accelerate growth.
Now OKLink is announcing partnerships amongst Korean fintech startups — including Coinplug, Coinone, Bluepan, MOIN, Sentbe, Finshot, Streami, Wisending too Bithere — to offering blockchain-powered remittance services inwards Korea. The maiden volition offering Korean customers depression terms money transfers to to a greater extent than than twenty payout countries on the network, including the Philippines, China, Japan, Republic of Republic of India too Indonesia.
“As OKLink launches a fast, inexpensive too transparent blockchain transfer system, nosotros are excited to last amongst Korea’s innovative fintech sector that is poised to advance Bitcoin too blockchain engineering scientific discipline for the betterment of guild too consumers,” said Tim Byun, OKLink Chief Risk Officer too Head of Government Relations. “Blockchain engineering scientific discipline is at a menstruation inwards fourth dimension similar to the mesh inwards the early on 1990s. Only lately has the fintech manufacture began utilizing remarkable advancements inwards the Bitcoin protocol, including multi-signature technology. Bitcoin too blockchain tin do goodness from balanced, risk-based rule and/or oversight too given the chance to educate products too services amongst enormous consumer benefits.”
The company’s ambition is fueled past times the Korean government’s determination to institutionalize digital currencies too ramp upwards fintech development. In fact, inwards Oct Korea’s Financial Services Commission (FSC) said they volition institutionalize digital currencies such as bitcoin too ramp upwards the size of average annual policy finance from 500 billion won ($437 million) to ane trillion won ($873 million) for the evolution of fintech.
“We volition induce got the Pb inwards the convergence of novel emerging technologies such as digital currencies too blockchains too fiscal service,” said FSC Chairman Yim Jong-yong, adding that blockchain engineering scientific discipline is emerging as the pith infrastructure of hereafter finance. The authorities plans to launch a articulation blockchain consortium for the fiscal manufacture inside the year. “We volition do weather to examination fintech services without a burden of regulating them past times introducing a fiscal rule testbed organisation too review various regulations too practices against non-financial channels such as verification too user identification.”
This maiden of the Korean authorities seems significant, too it’s as worth noting that the FSC signed a cooperation understanding amongst the Monetary Authority of Singapore (MAS), showing that 2 of the nigh dynamic economies on the planet are officially supporting the deployment of distributed ledger fintech.
“In the past times 3 years, governments induce got taken a various approach to foster digital currencies too blockchain technologies,” said Byun. “We applaud the Financial Services Commission’s vision too leadership, along amongst committing ane trillion won for the evolution of fintech inwards Korea. We believe this volition do weather to examination fintech services without a burden of regulating them, past times introducing a fiscal rule testbed organisation too reviewing various regulations.”
“OKLink has developed a novel too revolutionary vogue to solve problems inwards the traditional money transfer system,” said Ian Suh, Founder too CEO of MOIN, ane of the Korean companies inwards the novel remittance network. “The partnership volition enable Korean people to ship money abroad cheaper, faster too to a greater extent than conveniently. OKLink is going to overstep away the hereafter of global remittance, connecting the globe much closer.”
The maiden is beingness closely watched past times regulators too practitioners from all over the world, added Joon Lord's Day Uhr, CEO of Coinplug, which likewise participates inwards the network. “Finally the engineering scientific discipline has moved away from the concept stage too into the existent usage phase,” he said.
The ship service OKLink Launches Blockchain Remittance Network inwards Korea; Government to Institutionalize Digital Currencies appeared starting fourth dimension on Bitcoin Magazine.
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