Major Milestone for Label Foundation
This development is a huge one for LABEL Foundation, considering the current regulatory landscape in Korea. Listing on South Korean exchanges has become challenging due to the strict crypto laws.
Furthermore, the high scrutiny levels from the local financial regulators have led to a shutdown of exchanges that cannot comply with the imposed regulatory requirements. This has reduced the market to only top exchanges capable of complying with the new regulations.
Coinone is one of the four largest digital assets platforms in South Korea and provides the right platform for LABEL Foundation to expand its ecosystem. In addition, the exchange will be listing LBL trading pairs with KRW (South Korean Currency) on its spot market trading platform.
The South Korean market is one of the biggest globally, and users will be able to purchase LBL tokens using their local currency (KRW). In addition, LBL token holders will be able to deposit their tokens and take advantage of the highly liquid exchange platform for a seamless trading experience.
An Innovative Blockchain Platform
LABEL Foundation is built on Ethereum and integrates a unique incubating system that enables course creators and instructors to receive needed funding. At the same time, investors can fund projects in exchange for rewards.
The entire incubation process is based on a decentralized voting system where users vote to back the courses of their choice. If the course is chosen, it receives funding from investors who are allocated a share of an NFT.
They can then decide to retain their shares and take profits generated from course sales or liquidate their shares within supported marketplaces for other crypto or digital assets.
More Developments in Its Ecosystem
The LABEL Foundation (LBL) listing on Coinone comes after its parent company Clesson received massive equity funding from two of the largest investment funds based in South Korea.
LABEL Foundation has continued to make massive in-roads in the blockchain industry and is regarded as a top stakeholder. Furthermore, with its decentralized approach towards education, creators and instructors have benefited from its solutions and products.
Since its launch, Label Foundation has made a couple of partnerships. It is supported by OPENTRACK, a leading music education platform in South Korea. OPENTRACK has provided top-class instructors and will be releasing its 2nd version of content. It has also partnered with ONTO Wallet and top musical icons like Philip Lassiter and Carlton Lynn.
Label Foundation intends to add more features to its ecosystem, including the release of an NFT platform and marketplace. This will enable the tokenization of secured IP rights sold to users through the incubation platform.
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Source: Cryptocurrency - investing.com
