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Despite crypto ’s badly tarnished reputation postdate FTX ’s collapse , some large corporations are heartily embracing its inherent distributed ledger technology . LG CNS , the IT resolution subsidiary of the South Korean conglomerate , has formed a strategical partnership with QuickNode , a blockchain deployment platform aim to wreak Web 2.0 services into web3 .
Besides announce the partnership , LG also revealed that it has empower in QuickNode through LG Technology Ventures for an undisclosed amount . To date , QuickNode has raised around $ 115 million . Upon raising $ 60 million from 10 T Holdings , Tiger Global and others , the companywas valued at $ 800 millionin January .
LG CNS‘s system integration and digital shift patronage are astray - swan , having progress solutions in cloud , SaaS , artificial intelligence service , big data , voguish city , security , web3 and blockchain . The companyinitiated its blockchain line in 2015 and uncover its own blockchain platformMonachainthree years later .
Unlike public , permissionless blockchains such as Ethereum , Monachain is custom - built for endeavour and is enforce to traditional industries like finance , logistics and energy . Some of the solutions power by Monachain admit wandering identity element board , NFTs , digital currency platform , used battery distribution history direction , issuing of health care information written document and electron contract bridge systems .
South Korea ’s tech - savvy population billet it as an ideal examination ground for blockchain applications . The government’splansto interchange physical IDs with digital alternatives authenticate by blockchain have given industry players a encouragement of confidence .
It ’s no surprise , then , that Monachain has secured more than50 incarnate client , including several of the biggest Korean banks , such as NH Noghyup Bank , Woori Bank and KB Bank , as well as LG ’s telco unit called LG U+ . In 2022 , NongHyup Bank started working with LG CNS to work on a digital wallet solution that stick out the circulation of its central bank building digital currency ( CBDC ) .
QuickNode is not LG CNS ’ first pillage into the crypto space . For one , the LG - owned IT arm has beenworking with U.S.-based decentralised individuality firm Evernymon decentralized identity , a way to put control over personal information back into the hand of users by using blockchain .
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In improver , last year , LG CNS launched its blockchain - based encrypted mobile ID add-in service for staff and released token - as - a - service , which helps corporations issue NFTs on Monachain . whole , the two arena of services have attracted around 10 enterprise customers in the finance , telecommunications and manufacturing sector .
Meanwhile , LG Electronics , LG CNS ’s babe company , saidin 2022 that it had officially add cryptocurrency and blockchain as its new field of business .
For QuickNode , the partnership with an LG subsidiary is a prime opportunity for its expansion in Asia .
“ By partnering with LG CNS , we ’re setting a course for a future where blockchain engineering is integrated into every digital facet , peculiarly in the active APAC grocery store , ” Alexander Nabutovsky , conscientious objector - beginner and co - chief executive officer of QuickNode , said in a statement .
QuickNode raises $ 60 megabyte at $ 800 megabyte rating to become the ‘ AWS or Azure of blockchain ’
