ICONLOOP Gets Ready To Have A Bite From A $500 Million Market
ICONLOOP has been making some important moves this year, and the firm continues in the same manner.
First of all, we remind readers that this is a tech firm that’s based in Seoul, and the company is specialized in the design and implementation of the blockchain technology.
The public blockchain network, ICON is a project of ICONLOOP and it’s important to note the fact that ICON is not owned by it – lots of people did not quite understand what’s the relationship between ICON and ICONLOOP, that’s why this clarification is essential.
ICONLOOP jumps into the $500 million market
The Icon.ist website just revealed that South Korea gave electronic documents the very same legal status as the paper ones. This is a really important move because this opens up a new market of KRW 600 billion or nearly USD 495 million.
The website noted that this could definitely turn out to be great news for ICONLOOP and for the ICX holders as well.
“The Ministry of Science and ICT announced on Thursday that South Korea’s Cabinet passed earlier in the week revisions to the country’s law on electronic documents and transactions,” according to the website mentioned above.
The revision recognizes the legal validity of electronic documents and this way, it manages to provide the grounds to eliminate paper documents.
It’s also worth noting the fact that there’s been a growing popularity of contactless services this year, due to the global crisis triggered by the coronavirus pandemic.
“The Ministry of the Interior and Safety plans to expand the program to other subordinate organizations this year,” the website mentioned above notes.
The best thing about all of this is the fact that private blockchain companies are jumping into the space, as well and one of them is, of course, ICONLOOP.
We recommend that you check out the original article to find out more about the issue.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.