IT information service company Hecto Innovation is partnering with stablecoin issuer Circle.
On October 28 (local time), Circle announced the launch of the public testnet for Arc, its blockchain mainnet dedicated to stablecoins, and revealed the participation of over 100 companies worldwide.
On October 29, Hecto Innovation announced that it had been selected as the only Korean company to participate in the "enabling developers" category, recognized for its WalletOne wallet technology and service reference, which is considered among the best in Korea. The testnet is a trial version of the blockchain network used to verify stability and other factors before the mainnet launch.
In September, Hecto Innovation acquired a 47.15% stake in blockchain wallet technology company WalletOne for approximately 9.29 billion won, and is fostering web3 and stablecoin-related services based on blockchain as new growth drivers.
WalletOne holds the most extensive track record of wallet commercialization among domestic companies licensed as Virtual Asset Service Providers (VASPs). WalletOne's blockchain wallet technology not only enables the storage of digital assets but also supports stablecoin payments and has the scalability to connect with various web3 services.
A Hecto Innovation representative stated, "Being selected as a partner for the Arc public testnet has earned us global recognition for the stability and technical reliability of our digital asset wallet operations," adding, "By linking the WalletOne wallet with the Arc wallet, we have established a foundation for building and expanding a global ecosystem for B2B2C payment and wallet services."
The mainnet is an independent blockchain network where transactions are recorded and tokens are issued and distributed. Circle aims to overcome the limitations of coins previously issued on public blockchains by building Arc, a blockchain mainnet dedicated to stablecoin finance, with the goal of launching a beta version next year.
Hecto Innovation's fintech subsidiary, Hecto Financial, has also been selected as the only Korean company to participate in the payment sector of the public testnet and will collaborate to build the Arc ecosystem.
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