South Korean Telecoms Giant KT Posts ‘Sevenfold’ Blockchain Profits
The coronavirus pandemic has slowed down trade in a huge swathe of industries, but some, such as the telecommunications sector – appear to be thriving, with blockchain sales rising for KT, one of South Koreas biggest mobile carriers. Per Newsian, KTs operating profits rose by 2% in the past 12 months. The company, which along with rival SK dominates the South Korean mobile market, revealed select financial details to the South Korean media. It disclosed that while net profits increased by 5.6% in the same period last year, sales volumes were actually down by almost 2%, as internet and business-to-business sales fell. But one of its business arms – blockchain technology – experienced rude health, growing sevenfold over the past year. The firm, which did not provide any other numbers, attributed its blockchain growth to the success of its local stablecoins projects. KT has become one of the nations biggest providers of blockchain-related technology to local governments in recent years, and operates tokens pegged 1:1 with the South Korean won in a number of major cities in the country. Like the United States, Seoul has sought to revitalize flagging local economies hit hardest by the pandemic with payouts to households. But rather than