Polygon Expands South Korean Presence with SK Telecom Partnership

Polygon Labs’ latest effort involves South Korea’s largest telecommunication company.

Polygon (MATIC) in South Korea.
Created by Kornelija Poderskytė from DailyCoin
  • Polygon is expanding its presence in South Korea.
  • Polygon Labs’ latest effort involves South Korea’s largest telecommunication company.
  • The move promises to introduce Polygon and Web3 to millions of new consumers.

South Korea has become one of the world’s most vibrant retail crypto markets, with its trading volumes often driving asset prices.

Amid the country’s rising importance, Polygon Labs is strategically expanding Polygon’s presence in the market through partnerships that have included big names like Nexon and Lotte Group.

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In the latest instance, the developers of the Polygon network have now collaborated with the country’s largest telecommunications company.

Polygon’s Partnership

Polygon Labs has partnered with SK Telecom to help build the telecommunication giant’s Web3 ecosystem, according to a press release dated Thursday, August 17.

SK Telecom’s Web3 ecosystem currently includes TopPort, an NFT marketplace, and a Web3 wallet scheduled to be launched in the second half of 2023. As part of the new partnership, SK Telecom will integrate the Polygon network into both platforms, allowing for the minting and trading of Polygon NFTs on these platforms and across the entire Polygon ecosystem.

Aside from integrating the Polygon network with the planned Web3 ecosystem, Polygon Labs, through its venture capital arm, will also invest in Web3 startups incubated by the telecommunication giant.

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Polygon Labs CEO Marc Boiron noted that the partnership will help introduce more consumers to Web3 technology.

"Polygon Labs has been developing optimal blockchain technology for Web3 popularization, and we see this collaboration with SKT as an important step in providing Web3 experiences to more consumers," the Polygon Labs chief asserted.

In 2022, SK Telecom controlled about 43.2% of the South Korean mobile phone service market per data from Statista, with about 36.5 million subscribers.

On the Flipside

  • The goal of SK Telecom’s Web3 ecosystem remains unclear.
  • In April 2023, Ava Labs, the developers of the Avalanche blockchain, partnered with SK Planet to expand its Asian presence.

Why This Matters

The South Korean crypto market is among the most active in the world. At the same time, SK Telecom commands the bulk of the country’s telecommunications market. As a result of the firm’s reach and the budding crypto community in South Korea, the partnership with Polygon Labs promises to onboard millions of users to the Polygon network and Web3.

Read this to learn more about Polygon’s partnership with Nexon:

Polygon Empowers Nexon to Launch MapleStory NFT Universe

Learn more about Base’s rollercoaster first week following its public release:

Base Chain First Week Rundown: Adoption, Exploits, and Rugpulls

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Okoya David

David Okoya is a crypto news reporter at DailyCoin based in Nigeria. He covers various topics related to the cryptocurrency industry, including exchanges, regulations, and price movements, and strives to bring fresh angles to breaking news. With experience as a freelance crypto news writer, David upholds the highest journalistic standards, telling complete stories and answering lingering questions whenever possible.