Polygon Labs inks partnership with SK Telecom

Polygon Labs and the South Korean mobile operator SK Telecom joined forces to develop the Web3-ecosystem.

As part of the partnership, the firm will add support for the Polygon blockchain on its NFT-marketplace TopPort. The two organisations will also launch a joint cryptocurrency wallet.

“Polygon Labs is developing the optimal blockchain technology to popularise Web3, and we view this collaboration as an important step in delivering digital services to a larger number of consumers,” said Mark Buaron, head of the crypto company.

In addition, Polygon will consider investing in promising projects recommended by SK Telecom through its venture firm.

The mobile operator has long been developing its own cryptocurrency and runs the metaverse Ifland. As of 2021, the telecom giant served 47% of subscribers in South Korea.

Earlier, SK Telecom’s investment arm invested 90 billion won (~$75 million at the time) in the Bitcoin exchange Korbit.

In February 2022, the telecom giant, through its subsidiary urged its portfolio companies to have a presence in the metaverse.

In April 2023, Google Cloud entered into a partnership with Polygon to deploy the project’s protocols in corporate infrastructure and tools.