South Korea is a powerhouse when it comes to crypto markets. Things that happen in this Southeast Asian nation have big implications across the entire market and crypto ecosystem. The government’s role in shaping the future of this market is paramount and crypto projects close to that will have the edge. ICON seems to be making more progress than others in this department.
In a recent Medium post the Korean crypto team highlighted its latest development and ties with the government. Firstly it emphasizes how important government decisions can be for the crypto industry with some of the world’s largest exchanges based with huge daily trade volumes.
It also states that leading traditional companies are seeking to tokenize existing business models and apply blockchain technology to optimize operations. Now that Bithumb has been taken over by another conglomerate, all major exchanges in Korea are now operated by large consortiums, giving them that extra layer of security and consumer confidence.
ICON has positioned itself as the leading platform in Korea focused on serving these large corporations with blockchain solutions; “Hence, the business partnerships with companies like LINE (joint venture), Samsung Electronics, SK Planet, and Smilegate. All national leaders in their respective industries,” the post added.
Looking back to 2016, ICON has been the leading tech partner for a number of core government initiatives in the insurance, healthcare, customs service, and education industries. It has also received government funding from the Ministry of Creation and Science, and the Ministry of Science, ICT and Future Planning. Not many other crypto projects can claim such an accolade.
In July this year ICONLOOP was selected to support national election development as the;
“blockchain technology consultant for ‘Building the Next Generation Election System based on Intelligence Information Technology’, launched by the Korea National Information Society Agency and supervised by Korea National Election Commission (NEC).”
Blockchain based ballot counting and voting systems will be developed with this partnership. Korea’s plans to develop Jeju Island as a blockchain hub also involve ICON as recent discussions were held by local dignitaries and the ICON team.
Similar plans to turn Seoul into a major blockchain center have resulted in meetings between politicians and industry specialists. Last month ICONLOOP was selected as an operator of Seoul’s Standard Blockchain platform for the ‘Seoul Blockchain Demonstration Project,’ commissioned by the Seoul Metropolitan Government.
The list goes on but it is clear that ICON and the South Korean government are heavily intertwined. Unfortunately for the team and investors ICON’s native token, ICX, has not escaped the bears this year. ICX has dropped way down the market cap chart and is currently 34th with $265 million. Today it is trading at $0.683 which is its lowest level for a year and 94% down from its all-time high of over $12. The future looks bright for ICON so now could be the best time to pick up some low priced tokens.