MakerDAO Collaborates on South Korean Local Government Projects with VANTA Network and HYCON (Glosfer)

April 2, 2019

Following the official launch of the National Relayer Campaign in Korea in March 2019, the MakerDAO Korean community worked closely with its partners, including VANTA, to drive awareness and adoption of Dai.

The latest initiative involves partnering with VANTA and HYCON (Glosfer) to collaborate on government projects for switching South Korean cities’ local currencies into cryptocurrencies.

Several Korean cities have their own local currencies to boost their local economies and preserve local capital. However, cryptocurrency’s advantages such as transparency and security are encouraging some cities to switch their local currencies into crypto.

Glosfer, a leading blockchain technology and services company in Korea, collaborated with a local South Korean government to create Nowon Coin, which was the first local cryptocurrency in the world.

VANTA Network is creating more use cases for such local cryptocurrencies:

“VANTA Network will provide API, which will be used by small business owners and enterprises to easily connect with their local community. Using VANTA’s API will create opportunities for marketing, and a portal for sending/receiving data while drastically reducing service fees.”

MakerDAO plays an important role as service providers like VANTA can swap received local cryptocurrencies with MakerDAO's stablecoin Dai. Therefore, the service providers can reduce risk from large volatility in price. In addition, Dai’s global presence and usage help the service providers to turn Dai into cash or other use cases more easily.

We are excited about this new partnership, and we look forward to having more strong use cases and partners in Korea!

About MakerDAO

MakerDAO issues Dai, which is the first and largest decentralized stablecoin on the Ethereum blockchain. Despite the volatile nature of the cryptocurrency market, Dai has successfully maintained its peg to the US dollar.

About Glosfer (HYCON)

GLOSFER is a leading blockchain technology and services company in South Korea. Building on its roots as a first-generation blockchain company, GLOSFER strives to expand its activities into various industries to bolster its reach in both domestic and international markets, by leveraging innovative technologies and services, including its PHP API blockchain platform PACKUTH and its online and offline cryptocurrency trading platforms. With its upcoming Infinity Project, powered by its HYCON coin, the company seeks to establish and facilitate its cryptocurrency ecosystem while contributing to a more transparent and fair society based on blockchain technology through cooperation with public institutions.

About VANTA Network

VANTA is looking to build an intelligent network for real-time networking, which enables individuals and companies to quickly develop services that can efficiently transmit and process real-time data, as well as commercialize the services at low cost without additional infrastructure. As a result, creative services will be provided and integrated within the VANTA ecosystem, and VANTA blockchain will be a practical blockchain that will greatly contribute to improving the daily lives of individuals and operations of enterprise businesses.

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April 2, 2019