Blockchain startup ICON announced the beginning of cooperation with SK Telecom, the largest Union in South Korea. Under the terms of the Memorandum of understanding, signed today, ICON will provide services of integrating DLT and cryptocurrencies with the loyalty program SK.

Officially, the Memorandum was signed by SK Planet, a subsidiary of the conglomerate. The company owns the most popular in the country a system of rewards OK Cashbag, which has about 35 million members — more than half the population of South Korea. In addition, ICON will also work with SK on the introduction of the blockchain to other mobile services and apps conglomerate.

According to some experts, the SK decided to cooperate with the ICON after the startup reached a similar agreement with the Line messenger. Prior to this, SK Planet was working on a blockchain platform without assistance: in July, the South Korean newspaper Hani wrote that OK Cashbag is in search of a suitable business model and methods of stimulating activity for his own FINTECH-project OKX. Then SK Planet did not disclose details about the technical features or OKX on attracting third-party developers.

Commenting on the cooperation with SK, member of the Board of ICON Foundation Kim Yonhap (Kim Jonghyup) said:

“Thanks to the partnership with SK Planet, whose services OK Cash and Syrup is already popular, we can more intensively work over a wide spread of blockchain technology.”

Vice President, Sk Telecom, Park Chung-min (Park Jung-min) said that the conglomerate will use the platform for work with small and medium-sized businesses to expand commercial blockchain structures in Asia. He added:

“The blockchain is among the key technologies that will accelerate the process of market transformation in this industry, in both the medium and long term. SK Planet will work with the ICON, working together in different areas to our customers to have a wide selection of the best deals”.

Despite the fact that most of the major transactions ICON concluded with the national companies, the success of a startup has attracted international interest. So, in April, the CEO of Pantera Capital Management LP Dan Marched (Dan Morehead) said that the Fund considers the ICON as an object of investment.