South Korea will Establish New Blockchain Hub

According to report on November 14, in local media outlet Daily News, 40 international and South Korean experts came together to form the Blockchain Special Committee that will establish a blockchain hub in South Korea’s North Gyeongsang Province.

Association will work on the creation of “mid-to-long-term strategies” that will support the blockchain industry.

The committee chairman will be a vice governor of Jeonbuk Province­­ and a member of the Korea Centre for Blockchain Research, Seongho Park. Part of the team are also 21 members, such as Bitcoin Foundation Board of Directors member Brock Pierce and President of the American Chamber of Commerce in Korea Jeffrey Jones, joining others from Ripple and R-Chain.

The government of Gyeongbuk province, Lee Cheol-Woo, has in mind to “compete” with the world-famous crypto valley of Zug, Switzerland. Nevertheless, the team has been building an international cooperation system and, finalized international business agreements with blockchain startup specialists from both Switzerland and Israel.

Cheol-woo said, “In order to nurture the block-chain industry, we will work with the special committee composed of domestic and international experts to preemptively respond and establish strategies… Through the integration and investment attraction of new start – I will make it as a future growth engine.” (Positive)

Binance Lists USDC Stablecoin

Cryptocurrency exchange Binance is adding support for Circle’s recently launched stablecoin, USD Coin (USDC), this weekend.

Binance announced on Thursday that it will open trading pairs for the regulated, U.S. dollar-pegged token against its own token Binance coin (BNB) and bitcoin (BTC) on Nov. 17, adding that it has already started accepting deposits for USDC in preparation for the start of trading. Crypto finance firm Circle also confirmed the news.

USDC was launched in September by Circle as a way to tokenize U.S. dollars and easily transfer value on public blockchains. The token was developed with assistance from the affiliated CENTRE consortium.

The support for USDC comes shortly after Wei Zhou, Binance’s CFO, said in October that the firm is looking to list more stablecoins. The news means Binance will support four stablecoins, with tether (USDT), Paxos Standard (PAX) and TrueUSD (TUSD) already on the books.

Last month, U.S.-based crypto exchange Coinbase also announced it was adding USDC as its first stablecoin offering. Coinbase is also one of the founding members of the CENTRE consortium, along with Circle.

Other exchanges including South Korea-based Korbit and Japan’s Liquid have also recently made USDC available for trading on their platforms.

More than 50 exchanges, protocols, platforms, applications and wallets now support the token, Circle said, adding that its circulating supply is currently at over 148 million. (Positive)

OmiseGo Partners With Singapore Ride Hailing App

OmiseGo and blockchain protocol Mass Vehicle Ledger (MVL) have partnered to research possibility of blockchain technology use. MVL is the protocol behind popular Singapore ride hailing app TADA.

At first they will develop a Proof-of-Concept (PoC) to ascertain whether the decentralized OMG Network is suitable for MVL’s data record-keeping system. During the trial, MVL, which is the protocol behind popular Singapore ride hailing app TADA, will record data on the OmiseGo platform.

Moreover, the two companies are open for further technical and research cooperation on possible blockchain applications.

According to Business Insider, over 2,000 taxi drivers have joined the TADA app through  partnerships with local taxi companies.

Other taxi companies and ride-hailing services are also exploring to apply blockchain technology to their business models. For example, Chen Weixing, the founder of Chinese ride hailing company Kuaidi Dache, revealed his plans to create a blockchain-powered ride hailing app, adding that the service might also include deliveries. (Neutral)