CJ OliveNetworks CEO Cha In-hyok holds a memorandum of understanding with Lambda 256 at the firm’s office in Seoul. On the screen is Lambda 256 head Jay Park. The two firms agreed to cooperate in the NFT business. Photo courtesy of CJ OliveNetworks

Korean system integrator joins hands with Lambda 256

CJ OliveNetworks has teamed up with Lambda 256, an affiliate of Dunamu that operates cryptocurrency exchange Upbit, to make an inroad into the NFT market.

Toward that end, the Seoul-based system integrator announced on July 26 that it had signed a strategic agreement with Lambda 256 through non-face-to-face meetings.

Short for the non-fungible token, NFT has gained traction across the world. In particular, it caught the attention after Twitter CEO Jack Dorsey’s first tweet as an NFT sold at almost $3 million.

Recently, such segments as digital art, sports, game, and YouTube have adopted the technology in an effort to represent ownership rights of unique items.

Under the bilateral partnership, the two outfits will collaborate in the NFT business both at home and abroad, NFT service, and media technologies in the NFT platform.

CJ OliveNetworks has tested-and-tried media technologies, dubbed DT, while Lambda 256 has expertise in blockchain-based NFT service platforms and global networks.

The two outfits will offer custody services for digital assets to enable reliable and convenient transactions between owners of unique items and their potential purchasers.

They will also make a foray into the intellectual property market.

“This agreement is our first NFT-related collaboration with a large-sized company. We will put forth efforts to showcase the outstanding DT technologies of CJ OliveNetworks locally and globally,” Lambda 256 CEO Jay Park said.

CJ OliveNetworks CEO Cha In-hyok also expressed his hope on two-way cooperation.

“We are glad to join forces with Lambda 256, which has strengths in blockchain technology and NFT business. Based on this partnership, we expect a big synergy effect by ensuring competitiveness in the NFT platform business,” he said.

The publisher studied Korean history in Seoul and management of business administration in the United Kingdom. He has 20-year experiences in the media business. Kim can be reached at voc200@gmail.com or 82-2-6956-6698.