Waltonchain wins big in strategic partnership with Korean exchange Coinnest

Janica San Juan 11 January 2018 NEWS


The two companies will collaborate on new blockchain technologies.

The Waltonchain community has announced a partnership agreement with Korean exchange platform Coinnest.

Following the announcement, Waltonchain also said it will make a strategic investment in Coinnest. The two organisations are planning to work together on developing blockchain technologies to boost the industry as a whole. The move will also see Waltonchain get better access to the highly promising Korean crypto market.

Coinnest is a major exchange platform in Korea with more than 500,000 members registered over a year.

Waltonchain, which has been listed on the exchange platform since last month, says that the new partner will provide application opportunities in the Korean market for its various sub-chains. This will help the company get more commercial uses and broaden its resource base in the country.

Immediately after the announcement, the value of Walton (WTC) rose by more than 10% in one hour. WTC's price stood at US$15.60 at the time of writing, according to CoinMarketCap.

The Waltonchain project is a joint initiative by Chinese and Korean developers who plan to utilise Radio Frequency Identification (RFID) to simplify businesses’ supply chain management. Its name is an amalgam of the RFID inventor’s name, Charles Walton and of course the underpinning blockchain technology behind the project.

RFID technology is widely used by businesses for tracking goods in the supply chain. The use of blockchain technology with RFID could make it possible to store product data on the blockchain, making it accessible across the supply chain and also ensuring it can't be tampered with.

Waltonchain says that its December listing on Coinnest led to support and recognition from the Korean community.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

Latest cryptocurrency news

Latest crypto guides

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Privacy & Cookies Policy and Terms of Use, Disclaimer & Privacy Policy.
Ask a question
Go to site