Traxion, the blockchain solution that aims to be a bank-in-a-wallet recently announced its partnership with Korean multinational corporation, LG. The tie-up will seek to further reap the benefits of the blockchain.
Announced on August 1, 2018, TraXion posted on its official Medium site that it has successfully signed a partnership with LG CNS. LG CNS is the IT service unit of LG in charge of launching its own blockchain and digital currency service, Monachain.
According to its Medium post, Traxion will operate independently of Monachain. It added that the company is currently in the works with LG CNS to make sure that there is interoperability and hopes to work with the Monachain in the future.
The company’s CEO, Ms. Ann Cuisia, shared that startups like TraXion can now compete with established service providers in terms of new technologies. She said that a lot of innovation comes from startup companies and has a more agile approach in terms of tech implementation.
“It used to be that large enterprises look to established service providers with numerous years of experience to deliver on their requirements. This is not the case anymore.” – Ms. Ann Cuisia, CEO, TraXion
LG’s IT-focused subsidiary, LG CNS, launched Monachain in May 2018 in the hopes of helping companies in terms of finances, logistics, and manufacturing. This platform also lets its users create a digital wallet that they can use for financial services.