In a collaborative effort to enhance the Web 3.0 space in South Korea, Avalanche, Ava Labs and SK Planet have collaborated. As announced the collaboration will see SK Planet launch a dedicated Subnet; UPTN on the Avalanche network. The UPTN will serve as a Web 3.0 gateway for SK Planet users.
In the announcement, Avalanche described SK Planet as one of South Korea’s largest information and communications technology platforms. Meanwhile, the UPTN Subnet is designed to be the foundation for virtual collectibles, decentralized and communities.
Consequently, UPTN will intergrate into the SK Planet’s services such as OKcashbag (OCB). With the integration, the OCB community will enjoy seamless access to NFTs, special community features, and dynamic membership benefits supported by the Avalanche protocol.
Furthermore, the latest effort between the three firms will provide opportunities for merchants and retailers in South Korea to explore the Avalanche ecosystem. Also, the announcement indicated that the partnership will focus on expanding to extract every opportunity in 21st-century e-commerce.
Likewise, Avalanche will enjoy the onboarding of new users due to the customer base of its new partner. As stated, SK Planet houses half of the South Korean population on its OCB loyalty program. Before the collaboration, Ava Labs has been an active participant in the Web 3.0 market of South Korea for many years. Since the last quarter of 2022, Avalanche has gained more recognition in the region.
The ecosystem benefited from the host of collaborations it has engaged in previously and the growing embracement of blockchain innovations in South Korea. On the other end, SK Planet is committed to expanding beyond the region. The firm will set sights on other growing markets across the globe.
Reactions to the collaboration between Avalanche, Ava Labs, and SK Planet
In reaction to the collaboration, the CEO of Ava Labs, Emin Gün Sirer said the firm is fully committed to supporting the onboarding of new users to the Avalanche ecosystem. The CEO stated that the partnership will enhance the adoption of blockchain innovation in South Korea.
Similarly, the CEO of SK Planet, Lee Hang-Sang mirrored the importance of the synergy. The CEO said Avalanche will aid the expansion of SK Planet into new fields and businesses. Hang-Sang disclosed that the firm will continue to collaborate with Avalanche to provide new innovations to their customers.