Donations Platform To Be Launched On Ripple, Developed By South Korean Holding Firm

Donations Platform To Be Launched On Ripple, Developed By South Korean Holding Firm
Donations Platform To Be Launched On Ripple, Developed By South Korean Holding Firm
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Blockchain technology is spreading around the world as more use cases are developed for the technology and the digital assets it comes with. Different industries are discovering the benefits of blockchain technology and are developing systems to make use of the groundbreaking tech.

SK C&C, a South Korean holding company, has revealed that it has a blockchain-based donations platform in the works. The platform is being developed on Ripple’s blockchain fork, one of the most popular blockchain platforms in the industry.

Investors will be keeping an eye on how the platform develops because its success may make it worthwhile to buy Ripple (XRP).

The platform is reportedly still in its planning stages as the holding company tries to figure out its way around regulations and infrastructure development. These are barriers that the platform will have to navigate past before it can be launched. The plans reveal that the platform will have a won linked stablecoin operating at a 1:1 ratio.

Lee Sun-min, head of the SK C&C, explained that his company could not pursue profits in won stablecoins. He added that there are many regulatory issues which make it tough for companies to build a platform ecosystem, and they are looking for a company to build the platform ecosystem on their behalf.

What is known so far about the planned donations platform is that it is named ChainZ. The platform will be using a won backed stablecoin for the transactions made on the platform.

The stablecoin will be a Social Value Coin (SVC), and people can make donations using this coin. Those who will be benefactors of ChainZ will be rewarded using Social Value Power (SVP).

Blockchain charity projects

There are a variety of organizations that are moving into using blockchain for charity purposes. In July, it was reported that Binance Charity Foundation has plans to launch a coin in support of women’s health.

There are several blockchain companies and platforms, including Ripple, that have come together to push the Pink Care Token ( PCAT). The token was developed in a bid to support women’s health in developing countries.

PCAT is available on Binance Chain as a redemption only token. Proceeds from the token will go towards purchasing sanitary supplies for women in third world countries.

The 46 organizations involved in the project aim to buy a year’s supply of products at a time, and the first batch of supplies is expected to be delivered to a town in Uganda.

About Ali Raza

A journalist, with experience in web journalism and marketing. Ali holds a master degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.