Despite crypto’s badly tarnished reputation after the FTX collapse, some major companies are warmly embracing its underlying distributed ledger technology. LG CNS, the IT solutions subsidiary of the South Korean conglomerate, has formed a strategic partnership with QuickNode, a blockchain development platform that aims to bring Web 2.0 services to web3.
In addition to announcing the partnership, LG also revealed that it has invested in QuickNode through LG Technology Ventures for an undisclosed amount. To date, QuickNode has raised approximately $115 million. After raising $60 million from 10T Holdings, Tiger Global and others, the company was valued at $800 million in January.
LG CNSIts systems integration and digital transformation businesses are wide-ranging, having built solutions in cloud, SaaS, artificial intelligence, big data, smart city, security, web3 and blockchain. The company started its blockchain business in 2015 and unveiled its own blockchain platform Monaco three years later.
Unlike public, permissionless blockchains like Ethereum, Monachain is tailored for businesses and applied to traditional industries like finance, logistics and energy. Some of the solutions powered by Monachain include mobile ID cards, NFTs, digital currency platforms, battery distribution history management, healthcare information document issuance, and electronic contract systems.
South Korea’s tech-savvy population makes it an ideal testing ground for blockchain applications. Of the goverment designs The replacement of physical identifiers with blockchain-certified digital alternatives has given industry players a confidence boost.
It’s no surprise, then, that Monachain has secured more than 50 corporate clients, including many of the largest Korean banks such as NH Noghyup Bank, Woori Bank and KB Bank, as well as LG’s telecom unit called LG U+. In 2022, NongHyup Bank began working with LG CNS to work on a digital wallet solution that supports central bank digital currency (CBDC) circulation.
QuickNode is not LG CNS’s first foray into the crypto space. For one, the LG-owned IT arm was is partnering with US-based decentralized identity company Evernym about decentralized identity, a way to put control of personal information back in the hands of users using blockchain.
In addition, last year, LG CNS launched its blockchain-based mobile encrypted identity service for staff and launched token-as-a-service, which helps companies issue NFTs on Monachain. In total, the two service areas have attracted approximately 10 corporate clients in the financial, telecommunications and manufacturing sectors.
Meanwhile, LG Electronics, LG CNS’s sister company, he said in 2022 that it had officially added cryptocurrencies and blockchain as new areas of business.
For QuickNode, partnering with an LG subsidiary is a great opportunity for its expansion in Asia.
“By partnering with LG CNS, we are charting a course for a future where blockchain technology is integrated into every digital aspect, especially in the dynamic APAC market,” said Alexander Nabutovsky, Co-Founder and Co-CEO of QuickNode. statement.
