Cobak, RAI Finance, and STP Launch the Korean Polkadot Alliance
Hello Cobak Community,
Cobak, RAI Finance, and STP have joined together to form the Korean Polkadot Alliance (KPA), a non-profit consortium of industry-leading projects and teams in Korea that are building on Polkadot. Top Asia cryptofunds including NGC Ventures and GBIC are also initial founding members. The KPA’s mission is to facilitate and accelerate the development of the Polkadot ecosystem in Korea.
🌎 Korean Crypto Market:
The Korean government recently published a ‘blockchain-based research report on innovative financial ecosystems’ to conduct analysis on the DeFi market, and mentioned Polkadot in the blockchain mainnet category among the DeFi sectors. Korea is a perfect market to develop a thriving Polkadot ecosystem since it is one of the top global markets for cryptocurrency adoption, has a large existing blockchain developer community and has some the world’s biggest exchanges (Upbit, Bithumb, Coinone, Korbit) that have amassed over $450B trading volume over the last year. Along with retail crypto adoption, Korea has 10 companies in the top 50 by market cap on KOSPI doing crypto business (finance, IT, electronics) like massive tech conglomerates like Samsung and LG, and also financial institutions like Shinhan Bank and Kookmin Bank. As Polkadot continues to gain traction in Korea, The KPA will lead several initiatives to grow the overall ecosystem by providing resources for both Korean based Polkadot projects and teams along with ones looking to tap into the Korea market.
🚀 KPA Major Intiatives:
- The first major initiative will be to bid for a parachain slot on Polkadot utilizing the DOT from each foundation of our initial founding members Cobak, STP, RAI Finance along with capital from founding backers NGC Ventures and GBIC.
- The KPA will also facilitate Parachain Lease Offerings (PLO) where DOT holders from the Korean community can stake DOT to receive native tokens from KPA member projects. (More info to come on the mechanics of the PLO)
- The KPA will also help members prepare for the parachain auction process which includes ecosystem strategy, technical advisory, governance, fundraising strategy and awareness with the ultimate goal of securing and operating a successful parachain on Polkadot.
- The KPA is dedicated to building a vibrant and open community in Korea centered around Polkadot. Cobak will add Polkadot projects in ‘Cobak forum’ and deliver news and updates to the users. The KPA will also organize talks, discussions, meetups and events focusing on the Polkadot ecosystem in Korea.
The KPA encourages any Korean projects, teams and developers that are building on Polkadot to join us on our mission. Existing projects and teams looking to tap into the Polkadot ecosystem in Korea are also welcome!