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OK Cashbag Introduces Blockchain Project to Facilitate Its Operation

OK Cashbag Introduces Blockchain Project to Facilitate Its Operation

OK Cashbag, founded in 1999 in South Korea, remains the most popular points program that enables clients to accumulate cash by purchasing at a wide range of partnering shops. Points can be used, tracked, combined, gifted, and shared. 

SK Planet, the e-commerce arm of communication giant SK Telecom that operates OK Cashbag, presented the plan to utilise a Blockchain system to tokenise points earned by users in order to run the service more securely. Currently, 1 point equals to 1 Korean won, and if the project works out, points will be also converted into stable coins, such as the U.S. dollar-pegged tether cryptocurrency. 

The plan, temporarily called OKX, is waiting for approval of the regulator under the Electronic Financial Transactions Act mandate.