Avalanche Subnets attracting tech companies: SK Planet picks Avalanche

Avalanche (AVAX) price has been on a bullish trend for the last month despite the slight drop today underpinning the consistency of Avalanche ecosystem growth.

The most recent positive development for the Avalanche ecosystem is yesterday’s announcement by SK Planet that it was launching an Avalanche Subnet called UPTN, which aims to be South Korea’s Long-Awaited Web3 ecosystem on Avalanche.

The UPTN will be an Avalanche Subnet and act as a Web3 portal for millions of SK Planet users. It will serve as a foundation for digital collectibles, decentralized communities, and Web3 wallets.

SK Planet offers e-commerce and digital marketing solutions, including some of South Korea’s most popular loyalty programs and is a subsidiary of SK Square.

Commenting on the development, Emin Gün Sirer, the CEO of Ava Labs, the company behind Avalanche blockchain, said:

“Ava Labs is fully committed to supporting South Korea’s buyers and merchants as they explore the unique benefits of the Avalanche ecosystem. We see this new partnership between Ava Labs, the Avalanche Foundation, and SK Planet as an incredible opportunity to not only meet South Korea’s enormous appetite for Web3 experiences, but expand what’s possible in 21st century e-commerce.”

The UPTN will be integrated into the many popular services and apps offered by SK Planet including OKcashbag (OCB).

The OCB is the largest e-commerce loyalty program in South Korea and is used by almost half of the South Korean population. The OCB community will have access to dynamic membership benefits, NFTs and unique community features powered by the Avalanche protocol.

Ava Labs activities in South Korea

Ava Labs has been active in South Korea’s Web3 market for years fueled by partnerships spurring explosive growth for Avalanche in the region.

According to Ava Labs’ research, Avalanche’s brand recognition in South Korea increased by about 139% QoQ in the second quarter of 2022.