ICON to have key role in new Korean blockchain hub

09 Aug, 2018
by David Robb
News
ICON to have key role in new Korean blockchain hub

Officials from the Korean island of Jeju are planning to make it into a major global hub for blockchain. Talks have recently been held with ICON executives, as well as developers of ICON DApps, suggesting that ICON may have a key part to play in the future of Jeju.

The largest Korean island, Jeju already has a notable presence from IT companies, as well as many major tourist attractions. The self-governing island is now intending to encourage more blockchain-based businesses to set up there, to boost the local economy. 

ICON is one of the world's largest blockchain networks, and its native ICX token currently has a market cap of just under $300 million. The ICON Foundation is based in Korea, and it will be providing its support to the new plans for the development of Jeju's blockchain sector.

Jeju's authorities will focus on providing support for investors and establishing more open ICO regulations. The nature and extent of ICON's participation is not clear yet, but these steps will allow the foundation to operate more effectively. Its reach should also be expanded with a network of developers representing the DApp projects that are based on its blockchain.

Read more: South Korea to develop friendlier crypto regulationICON nails a new partnership with a social trading platform

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