South Korean tech giant SK Planet has announced the launch of a dedicated Avalanche Subnet, UPTN, in collaboration with Avalanche, the leading smart contracts platform. UPTN will serve as a robust Web3 portal for millions of SK Planet users and will provide a solid foundation for digital collectibles, Web3 wallets, decentralized communities, and a range of other services.
The partnership between Ava Labs, the Avalanche Foundation, and SK Planet is a testament to their joint commitment to supporting South Korean buyers and merchants in their exploration of the unique benefits of the Avalanche ecosystem. The alliance is poised to meet the country’s growing demand for Web3 experiences while expanding the possibilities of e-commerce in the 21st century.
One of the most significant integrations of UPTN will be with OKcashbag (OCB), the largest e-commerce loyalty program in South Korea, which is used by nearly half of the nation’s population. The integration will grant OCB’s community access to non-fungible tokens (NFTs), unique community features, and dynamic membership benefits powered by the Avalanche protocol.
Ava Labs has been active in South Korea’s critical Web3 market for years, and the Avalanche blockchain’s growth in the region has been driven by partnerships, such as the one with SK Planet, as well as South Korea’s Web3-savvy population. Research by Ava Labs indicates that Avalanche’s brand recognition in the country soared by 139% QoQ in Q4 2022.
SK Planet, a subsidiary of SK Square, is known for its e-commerce and digital marketing solutions, including some of South Korea’s most popular loyalty programs. Through collaborations with global partners like Ava Labs, SK Planet aims to expand its platforms not only in Asia but also in other strategic markets worldwide.
Lee Han-Sang, CEO of SK Planet, has expressed the company’s ambition to expand into new businesses and fields and to transform into a global enterprise that offers innovative information and communications technology powered by the Avalanche blockchain. The collaboration with Avalanche is expected to unlock synergies and deliver differentiated benefits to SK Planet’s customers.
Avalanche Subnets empower everyone, from individuals to enterprises, to build custom, app-specific blockchains optimized for their specific use cases. Subnets are interoperable with the broader Avalanche network but isolate traffic to dedicated infrastructure, securing the chain and allowing Avalanche to scale without limits.
Avalanche is an infinitely scalable smart contracts platform that finalizes transactions in under a second. Its innovative consensus protocol, Subnet infrastructure, and HyperSDK toolkit enable businesses to launch powerful, custom blockchain solutions with ease. Built to cater to both Web3 developers and businesses, Avalanche is an eco-friendly blockchain that enables users to build anything they want, any way they want.
SK Planet, headquartered in Seoul, Korea, is a leading technology company that creates new value for businesses by leveraging data. In addition to its expertise in marketing platforms and business solutions, the company offers differentiated value by collecting and analyzing over 130 million pieces of data from major services across the SK Group. SK Planet enhances the productivity of operations in corporate clients with its marketing platforms, such as “OK Cashbag” and “Syrup,” as well as business solutions in various areas, including IoT, media, and AI.
This groundbreaking partnership between SK Planet and Avalanche is set to transform the Web3 ecosystem and loyalty programs in South Korea, paving the way for the future of e-commerce and blockchain technology.