Biggest Mileage System in Korea OKCashBag With 35 Million Users Will Use Cryptocurrency

OKCashBag, the biggest mileage and membership system in South Korea operated by SK - the country's largest telecommunications conglomerate- is preparing to integrate major digital assets to incentivize users with cryptocurrency.

As an early investor in Korbit, the third largest digital asset exchange in South Korea alongside Tim Draper and Softbank, SK continues to remain at the forefront of cryptocurrency development in Asia.

Hani, a major mainstream media outlet in South Korea, reported that SK is considering the integration of cryptocurrency on the OKCashBag platform as the next paramount initiative of the company targeted at the blockchain industry subsequent to the Korbit-SK era.

On July 3, SKPlanet, the same subsidiary of SK that invested in Korbit, told local reports that the probability of OKCashBag integrating a stablecoin is higher than major assets like bitcoin and ether to prevent both users of the mileage system and the company from being affected by the highly volatile nature of digital assets.

As of July 2018, OKCashBag has more than 35 million members in its mileage and membership system - over half the population of South Korea.

OKCashBag is utilized by almost every airline, credit card company, restaurant, and merchant in South Korea to incentivize loyal clients and consumers.

The integration of cryptocurrency by the membership system will immediately expose tens of millions of users in South Korea to the cryptocurrency sector.

Regardless of which cryptocurrency the company ends up integrating, OKCashBag representatives confirmed it will not conduct any ICO or create a token for exchange listing.

"ICO, fundraising, and exchange listing are not being considered by SKPlanet and OKCashBag. We are integrating cryptocurrency to improve the current system of distributing incentives to users and to optimize other services, not for profits."

Since OKCashBag already approved the project and plan of adding cryptocurrency to its platform, once business models and incentivization methods are properly outlined, they are set to integrate cryptocurrency as early as the fourth quarter of 2018.Cover Photo by Oleksii Khodakivskiy on Unsplash.