Waltonchain wins big in strategic partnership with Korean exchange Coinnest
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.