Hedera Hashgraph is looking to partner with Korean banks and technology companies

Hedera is the native cryptocurrency and software protocol for the decentralized web. We use blockchains to power the most efficient data flows. The Hedera network has been successfully used to build applications in all sectors including healthcare, fintech, finance, government, and Higher Education, across four continents.

According to Leemon Baird, co-CEO of Swirlds Labs and inventor of Hedera Hashgraph, the distributed ledger technology network will expand partnerships with Korean tech companies and financial firms by offering fixed low costs and decentralized tracking and verification.

Hedera is a decentralized application platform designed for enterprises. In an effort to catch up with the rapidly growing blockchain industrial paradigm, LG Electronics and Shinhan Bank have joined forces with the Texas-based company. The Hedera Hashgraph is the only authorized ledger that uses hashgraphs instead of blockchains.

In spite of the Hedera network’s promising future, it was relatively unknown in the Korean market until its recent partnership with LG Electronics. With the launch of the LG non-fungible token (NFT) art-trading platform earlier this month, LG television owners can now display NFT art in their homes after purchasing NFTs from LG’s digital marketplace. With the Hedera Token Service, LG has built LG Art Lab on top of the Hedera network.

The Hedera inventor told The Korea Times on the sidelines of this year’s Upbit Developer Conference, which ended last Friday, that “Hedera first entered into a partnership with LG Electronics in 2020 when LG joined the Hedera Governing Council.” He explained that the Hedera council consists of worldwide businesses and organizations that make decisions and oversee the decentralized network.

According to him, Hedera proved to be an ideal network for LG to tap into the NFT market, as the NFT market provides LG with a number of business opportunities. The Hedera network offers real-time transactions, uses less energy per transaction, and has a fixed, low fee model.”

As a result of its successful partnership with Shinhan Bank, one of Korea’s top-tier commercial banks, the Hedera pioneer discussed expanding the company’s foothold in the Korean financial market.

Using the Hedera network, the lender completed a proof-of-concept in December 2021.

In partnership with Standard Bank, a leading bank in South Africa, the bank issued a stablecoin pegged to the Korean won and conducted an international remittance using the Hedera Token Service and Hedera Consensus Service. Using Hedera, banks solved problems currently plaguing international remittances, such as high fees, long wait times, and the lack of traceability, with fixed low costs, real-time settlement, and a decentralized tracking system.”

Through tie-ups, he also shared the company’s expectations for expanding its presence here.

Several industries in Korea are open to and exploring partnerships with Hedera, he said. Tokenization, NFTs, and immersive experiences like metaverse are being utilized by consumer brands across industries, from gaming and sports to music and consumer products.