November 22, 2024

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[THE INVESTOR] Korea Fintech Industry Association Network Alliance on June 20 said it will out a blockchain platform targeting K-pop fans around the world. 

On the app platform called Ko-fun K-pop star fans can sell their goods ranging from fan-fiction to images and videos, and also purchase materials from other sellers. Fans can also celebrate their favorite celebrity's birthday on Ko-fun. 

All this can be done using using cryptocurrency especially dedicated to the platform. The association plans to join hands with talent agencies to create individual cryptocurrencies for each celebrity, such as the BTS coin or the EXO coin. 

EXO

An open-beta service will be launched by December. 

“Ko-fun is a breakthrough for blockchain and cryptocurrency industry. It will become a playground for hallyu fans to network, create and share their contents, with copyright protection,” said Hong Jun-young, chairman of K-FiNNeT. “This will create huge opportunity for hallyu digital contents for more than 100 million fans in more than 140 countries.”

K-FiNNeT is partnering with five firms to develop the platform, including NamuPlanet, CoreTec, Dawin KS, Harex Infotech and TechStory.

NamuPlanet, an IT firm with specialty in fraud prevention, will set up a fraud detection system for the platform, as well as create a big data center to collect data from the transactions to provide better user services, including recommendation of products and stores for hallyu fans implementing artificial intelligence. 

VR firm CoreTec will implement virtual reality technology into the blockchain platform and work on the communication system. Dawin KS, which also publishes monthly entertainment magazine TopStar, will utilize its contents and data to create online contents, and discover hidden K-pop groups and fan groups across the world. 

Harex Infotech CEO Park Kyung-yang (left) and K-FiNNeT Chairman Hong Jun-young

Harex Infotech, in connection with its own mobile wallet UBpay, will develop the Ko-fun platform, and technology for coin transaction and authentication. TechStory will establish the server for ICO and be in charge of maintenance. 

The association is also setting up its flagship cryptocurrency exchange called Cheonjiyin, where transactions of Ko-fun coins will take place. The association is planning to kick off initial coin offerings for the project beginning in July, after it successfully establishes its Hong Kong unit later this month. The association hopes to raise 20 billion won (US$18.02 million) in the first round, with plans to raise capital of up to 400 billion won in the next two years.

By Ahn Sung-mi (sahn@heraldcorp.com)