Ava Labs, the company behind the Avalanche Layer 1 blockchain, has partnered with SK Planet, the data management and marketing platform arm of Korean company SK Square. SK Planet launches Avalanche Subnet UPTN to provide his Web3 infrastructure in South Korea.
Blockchain Builder Company Ava Labs partners with Korea’s SK Planet
The partnership comes less than a month after the New York-based digital asset firm hired its first new head in Asia to accelerate its presence in Asia. The move also follows Ava Labs’ partnership with Tencent Cloud in February to expand blockchain adoption in traditional enterprises.
Ava Labs has been working with the Korean developer community for years to help them understand and build the Avalanche network, John Nahas, vice president of business development at Ava Labs, told TechCrunch. Still, it seems that the recent partnership with SK Planet will be a cornerstone of the company’s strategy in the region, Nahas added.
“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,” Nahas said to TechCrunch.
SK Рlanet’s parent company, SK Square, was spun off from South Korean telecom giant SK Telecom. Just last week, Ava Labs signed a partnership agreement with SK Planet to host Avalanche Day with South Korean developers and other partners.
SK Рlanet is deploying the Avalanche Subnet, UPTN, and will begin deploying a number of SK applications and services on the subnet, Nahas said, adding that potential additional subnets are coming soon. Avalanche Subnet UPTN will enable SK Planet customers and merchants to take advantage of digital collections, Web3 wallets, decentralized communities and more.
One such application is OK Cashbag from SK Рlanets. This is a membership benefit program that allows customers to earn points through the OK Cashbag app. Customers can use their points as cash at any retail outlet, from restaurants to hotels, movie theaters, retail finance apps, and more. SK PIanet claims to have tens of millions of OK Cashbag users, nearly half of South Korea’s population, working with 90,000 trading partners.
“The UPTN will serve as the platform for the web3 initiative of all apps of SK’s information and communication technology (ICT) business division and will also be the managed service provider (MSP) for infrastructure in NFT mining, web3 community growth and management — similar to Avalanche’s recent Shopify/Venly and TYB partnerships,” Nahas continued.
Avalanche currently has over 100 subnets in development and testing. That subnet allows individuals and businesses to create custom blockchains specific to their application for their use case.
“Аva Labs is fully committed to supporting South Korea’s buyers and merchants as they explore the unique benefits of the Avalanche ecosystem. We see this new partnership between Аva Labs, the Avalanche Foundation, and SK Рlanet as an incredible opportunity to not only meet South Korea’s enormous appetite for Web3 experiences but expand what’s possible in 21st-century e-commerce.” – said Emin Gün Sirer, CEO of Аva Labs, in a statement.
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