One of the largest banking companies in South Korea, Woori Financial Group, has agreed to work with Ground X the blockchain development arm of Kakao.

This was made public through an announcement made by the Group Chairman Son Tae-Seung last August 21st at their headquarter in central Seoul.

Based on the agreement the two companies agree to co-develop relevant services without revealing specifics about the project but did say that the agreement does not involve cryptocurrencies.

GroundX was formed in 2018 as a subsidiary of the internet giant, Kakao, which is Korea’s 36th largest conglomerate which has around $8,8 billion in assets.

Woori, on the other hand, has been looking into blockchain technology, in fact, just a month ago, it has partnered with three telephone companies and another bank to develop a blockchain platform for personal identification.

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