Thai Ookbee, Computerlogy partner S Korea’s YDM to form blockchain JV

A collection of Bitcoin (virtual currency) tokens are displayed in this picture illustration taken December 8, 2017. REUTERS/Benoit Tessier/Illustration

Thai startups Ookbee U and Computerlogy on Tuesday joined hands with South Korean peer Yellow Digital Marketing Global (YDM) to form a joint venture focused on cryptocurrency, as per an announcement.

The blockchain platform – Six Network – will offer digital currency, SIX, for use as a utility token and help foster the development of the digital economy in Thailand. Investment of about 40 per cent each would come from Ookbee U and YDM towards the JV. Computerlogy will contribute to 20 per cent of the investment, as per a report in The Nation.

While Ookbee U is a JV between Ookbee and Chinese technology giant Tencent, YDM is a subsidiary of Yellow Mobile.

Six Network aims to create and operate SIX as a utility token for use by participants in the emerging innovative and digital sectors of the new industrial landscape –  not only in Thailand, but throughout Asia and, ultimately, across the world.

The JV has initiated one billion SIX tokens, each valued at 10 US cents, and is targeting to raise nearly $43 million via an initial coin offering (ICO). The company plans to open pre-sale on April 3, 2018, and will start public ICO immediately after the pre-sale until May 31.

The proceeds will be used to develop the system of research and development network, for operational and marketing purposes, among others.

The Six Network’ comprises more than 40 digital and creative startups in South Korea, Thailand, Singapore and other Southeast Asian countries that have come together to resolve financial liquidity problems, according to its website.

Besides, over a million content creators, social media influencers, comic writers, VDO producers and more than 10 million users are actively using the platforms offered under the alliance.

Also Read:

Thailand to regulate cryptocurrencies, ICOs from April

Thai bourse to launch blockchain platform for startup fundraising in Q3

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.