South Korean company LG CNS, the IT solutions subsidiary of LG Group, has joined forces with QuickNode, a blockchain deployment platform, to accelerate the adoption of web3 services. LG CNS has also invested in QuickNode through its venture capital arm, LG Technology Ventures. This strategic partnership aims to leverage QuickNode’s expertise in blockchain technology to enhance LG CNS’s system integration and digital transformation businesses.
Key Takeaway
LG CNS, the IT solutions subsidiary of LG Group, has partnered with blockchain deployment platform QuickNode to drive innovation in web3 services. This collaboration aims to leverage QuickNode’s expertise in blockchain technology to enhance LG CNS’s business offerings. LG CNS has also invested in QuickNode through its venture capital arm. South Korea’s tech-savvy population and supportive government initiatives make it an ideal environment for blockchain adoption.
Investment and Valuation
LG Technology Ventures has made an undisclosed investment in QuickNode, which has raised a total of $115 million to date. With a valuation of $800 million as of January 2022, QuickNode attracted notable investors like Tiger Global and 10T Holdings.
LG CNS’s Blockchain Initiatives
LG CNS has been actively involved in the blockchain space since 2015. The company developed its own blockchain platform called Monachain, which is tailored for enterprise applications in finance, logistics, and energy sectors. Monachain facilitates various solutions such as mobile identity cards, NFTs, digital currency platforms, and contract systems.
Adoption in South Korea
South Korea, with its tech-savvy population, has been an ideal testing ground for blockchain applications. The government’s plans to replace physical IDs with blockchain-authenticated digital alternatives have boosted confidence in the technology. LG CNS’s Monachain platform has already attracted over 50 corporate customers, including major Korean banks like NH Noghyup Bank, Woori Bank, and KB Bank. LG U+, LG’s telecommunications unit, has also embraced Monachain.
Expansion in the Crypto Space
This collaboration with QuickNode is not LG CNS’s first venture into the crypto space. The company has previously partnered with decentralized identity firm Evernym to explore blockchain-based identity solutions. Additionally, LG CNS launched a blockchain-based encrypted mobile ID card service for its staff and introduced token-as-a-service, enabling corporations to issue NFTs on the Monachain platform. These initiatives have attracted enterprise customers across industries such as finance, telecommunications, and manufacturing.
Opportunity for QuickNode
For QuickNode, a partnership with an LG CNS subsidiary presents a significant opportunity for expansion in the Asian market. The collaboration aims to integrate blockchain technology into various digital aspects, particularly in the dynamic APAC region. Alexander Nabutovsky, co-founder and co-CEO of QuickNode, expressed enthusiasm about the partnership’s potential impact.
