Major South Korea Tech Holding and ConsenSys Sign MoU to Develop Blockchain Business Hub

South Korean technological holding SK Group has signed a Memorandum of Understanding (MoU) with ConsenSys for blockchain business cooperation, according to a SK Group official press release published today, Dec. 4.

SK Holdings C&C is the information technology solutions arm of the SK Group, one of the the largest conglomerates in South Korea. The entity has partnered with ConsenSys, an Ethereum (ETH) software technology company based in U.S., to create and develop an “enterprise blockchain development hub.”

The MoU is aimed at building an enterprise blockchain business model by using smart contracts, the press release notes, adding:

“The two companies will begin to explore business models for expanding their enterprise blockchain business through joint analysis of their respective blockchain platforms, technologies and services.”

The new partnership will also include Ethereum blockchain technology education for Korean developers through ConsenSys Academy and SK Holdings C&C’s Tech Training Center, scheduled to be completed by the end of the year.  

Back in the summer, ConsenSys had already agreed to advise China’s Xiongan New Area government on blockchain and software solutions to bring new technologies to the Chinese “smart city,” as Cointelegraph reported Jul. 24.

SK Group has already made several steps towards the cryptocurrency market. SK Telecom, a subsidiary of the SK Group, has invested in crypto exchange Korbit among the first major investors. In the spring, SK Telecom also announced the release of a new tech platform for linking blockchain startups with investors, as Cointelegraph wrote Apr. 24.