[NEWS] South Korean telecommunications company SK Telecom announces strategic collaboration with Polygon, focusing on nurturing Web 3.0 startups

SK Telecom (SKT), South Korea's largest telecommunications company, announced on the 17th that it has signed a strategic collaboration agreement with blockchain development company Polygon Labs.

Polygon's blockchain network will be integrated into SK Telecom's NFT marketplace "TopPort" and its upcoming Web 3.0 wallet. The wallet, scheduled for release in the second half of 2023, will also have an NFT trading function.

TopPort, which launched last year, will not only allow creators to create and issue Polygon-based NFTs, but will also be compatible and scalable with all NFT platforms in the Polygon ecosystem.

By leveraging Polygon, SKT will be able to provide users with fast and cost-effective transactions tied to the security and decentralization native to Ethereum.

The two companies will also focus on discovering and nurturing promising Web 3.0 startups and will cooperate in the Web 3.0 ecosystem. In particular, Polygon Labs will invest in Web 3.0 startups recommended by SKT through its subsidiary Polygon Venture.

In addition, the two companies will support competitive Web 3.0 startups to enter the Korean market and the world's leading decentralized apps (dApps) to enter the Korean market.

Marc Boiron, CEO of Polygon Labs, said, "Polygon Labs has developed blockchain technology that is ideal for the spread of Web 3.0. We believe this partnership with SKT is an important step to bring the Web 3.0 experience to more consumers."

Oh Se-hyun, vice president and head of Web 3.0 at SKT, also said, "By combining our experience in blockchain services with Polygon Labs' blockchain infrastructure and ecosystem, we can create valuable business opportunities and strengthen the Web 3.0 ecosystem."

In April of this year, SKT also announced an exclusive partnership with Avalanche, a layer-1 blockchain, to launch an Avalanche subnet.

Reference:Announcement
Image: Shutterstock