Blockchain Platform aelf Taps South Korean Market
aelf, a cloud computing blockchain network, has entered the South Korean market, announcing on Thursday the listing of its cryptocurrency ELF on trading platform Gopax, a new partnership with digital asset fund Hashed, and the hiring of former McKinsey & Company Associate, JB Lee, to help forge new partnerships and boost the platform's growth in "one of the most active markets in the cryptocurrency economy."
Developed by Singaporean non-profit entity aelf Foundation, aelf is a customizable operating system specifically for blockchains. The platform focuses on two primary innovations: side chains for improved scalability, and a unique governance model through the use of a delegated proof-of-stake consensus system.
"South Korea is one of the most digital-savvy societies, with the fastest Internet speeds anywhere in the world and a large appetite for cryptocurrency and blockchain technology," said Zhuling Chen, co-founder of aelf, noting that 50% of the global cryptocurrency trading volume was currently taking place in South Korea.
"aelf’s presence in this highly dynamic and influential market is crucial as we build out our scalable cloud computing network to accelerate the global commercial adoption of blockchain technology.
"We are confident that our technology and relationships with key local companies Hashed and Gopax will help aelf form a larger presence in one of the world’s largest market, and play a key role in the country’s effort to adopt blockchain."
Hashed, a prominent crypto fund based in South Korea that has invested in the likes of Quantstamp, Kyber Network, Pundi X, Bluzelle and OmiseGo, will support the growth of aelf both in Asia and globally.
"aelf stood out to us immediately as a top tier project and an excellent addition to our lineup of the most disruptive and sophisticated blockchain startups in the world," said Simon Seojoon Kim, CEO of Hashed.
"Its state-of-the-art technology has the potential to be groundbreaking — providing the solution to blockchain congestion and scalability the market has been waiting for.
"Our partnership with aelf will help to further our vision of accelerating the global enablement of blockchain through community building and impact investing."
About Diana Ngo
Diana Ngo is a freelance fintech, blockchain news writer based in Cape Town, South Africa. She has worked for French- and English-language online publications, covering fintech, blockchain technology and digital currencies. Diana joined CoinJournal in June 2015.