Aptos collaborates with SK Telecom from Korean telecom group

Key Points:

• Aptos Cooperates with SK Telecom to Enhance Web3 Experience for Network Consumers
• The partnership will be facilitated by Atomrigs Lab, SK Telecom’s engineering partner. Aptos founder Mo Shaikh emphasized that SK Telecom’s decision was driven by the inherent MoveVM technology and Aptos’ growing community of supporters in Korea.
• South Korea is a major cryptocurrency market, with individuals in the country holding approximately $98.5 billion in cryptocurrency.

The South Korean telecommunications group has announced Aptos collaborates with SK Telecom. Aptos is a layer-one blockchain project that utilizes the Move programming language.

Aptos Collaborates with SK Telecom to Enhance Web3 Experience in South Korea

Aptos collaborates with SK Telecom with the purpose of enhancing the Web3 experience for network consumers. The agreement will be facilitated by Atomrigs Lab, SK Telecom’s engineering partner. Aptos founder Mo Shaikh emphasized that SK Telecom’s decision to collaborate was driven by the inherent MoveVM technology and Aptos’ growing community of supporters in Korea. However, the specifics of the partnership were not disclosed in the announcement.

In October 2023, SK Telecom introduced a cryptocurrency wallet for Korean consumers, enabling on-chain cryptocurrency storage and analytical tools. According to a September 2023 report from the Korean Tax Agency, individuals in South Korea hold approximately $98.5 billion in cryptocurrency, with most of it stored on licensed domestic exchanges such as Upbit and Bithumb. Additionally, Korean traders rank among the top two nations with the highest spot and futures trading volume on Binance, trailing only China.

Aptos Collaborates with SK Telecom, Spurred by South Korea’s Crypto Regulatory Shift

The significant adoption of cryptocurrency in South Korea is attributed to the government’s recognition of cryptocurrency investment activities, the implementation of investor protection regulations, and the enforcement of rules requiring exchanges to disclose their financial services. This shift in approach can be traced back to the fallout of the LUNA-UST incident in 2022, which prompted the Seoul government to take action.

South Korean authorities are actively investigating manipulation schemes, including recent allegations against the Sui (SUI) project and irregular price fluctuations of the Curve (CRV) token. However, challenges persist, such as the inadvertent acceptance of fake Aptos tokens by exchanges like Upbit.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.