In a surprising twist, LG CNS, the IT solutions subsidiary of South Korea's iconic LG conglomerate, is charting a bold course into the world of blockchain technology, leaving the crypto world's mishaps behind. LG CNS has joined forces with QuickNode, a blockchain deployment platform with the ambitious goal of ushering Web 2.0 services into the world of web3.
This groundbreaking partnership is not the only headline-worthy news. LG has made a strategic investment in QuickNode through LG Technology Ventures, an undisclosed venture that marks an exciting milestone for both companies. QuickNode's journey has been impressive, with approximately $115 million raised so far. The company's value soared to $800 million in January after securing $60 million in investments from powerhouses like 10T Holdings and Tiger Global.
LG CNS has established itself as a formidable player in the realm of system integration and digital transformation. With a broad portfolio spanning cloud solutions, SaaS, artificial intelligence, big data, smart city initiatives, security, and blockchain, LG CNS has become a trailblazer in various industries.
Their blockchain journey began in 2015, culminating in the launch of Monachain, a blockchain platform customized for enterprises. Unlike public, permissionless blockchains like Ethereum, Monachain caters to traditional industries such as finance, logistics, and energy. It has powered innovative solutions including mobile identity cards, NFT platforms, digital currency systems, and more.
South Korea's tech-savvy population provides an ideal testing ground for blockchain innovations, and the government's plans to replace physical IDs with blockchain-authenticated digital alternatives have boosted industry confidence. Monachain boasts over 50 corporate clients, including major Korean banks like NH Nonghyup Bank, Woori Bank, and KB Bank, as well as LG's telecom unit, LG U+.
NongHyup Bank's collaboration with LG CNS on a digital wallet solution supporting the circulation of a central bank digital currency (CBDC) demonstrates the real-world impact of LG's blockchain expertise.
This isn't LG CNS's first foray into the crypto space. They've been actively involved in decentralized identity solutions and launched services that attracted enterprise customers in the finance, telecommunications, and manufacturing sectors.
In a related move, LG Electronics, LG CNS's sister company, officially ventured into cryptocurrency and blockchain in 2022, further solidifying LG's commitment to the blockchain ecosystem.
For QuickNode, this partnership signifies a significant step in their expansion into the Asian market. Alexander Nabutovsky, co-founder and co-CEO of QuickNode, expressed his excitement about the collaboration, stating, "By partnering with LG CNS, we're setting a course for a future where blockchain technology is integrated into every digital facet, especially in the dynamic APAC market."
In a landscape full of innovation, LG's bold move into the world of blockchain, in collaboration with QuickNode, is setting the stage for a new era of web3 possibilities.