WaltonChain has held a relatively quiet spot in cryptocurrency space since its ICO in 2017. Pushing continually for the advancement of blockchain technology, the platform decided to make a few changes to leadership, bidding the former CEO a fond farewell. However, the new CEO brings a fresh perspective on the business scene in South Korea that will help pivot WaltonChain forward in fintech.
- Former CEO Mo Bing will continue to offer consulting services to WaltonChain.
- WaltonChain’s crypto asset – WTC – is one of the few to survive since the ICO boom two years ago.
WaltonChain is known for its work as a supply chain tracking platform, which utilizes blockchain technology for its organization. Now, according to an official announcement from the company, the leadership is changing, as Mo Bing steps down as the CEO and Do Sang Hyuk steps up. The new CEO will bring in his business experience in South Korea to the role.
Bing still will be offering consulting services to WaltonChain but will no longer hold any power as the CEO. Do Sang Hyuk has already been gently involved in WaltonChain, spreading information about the company through South Korea. During his career, he’s been responsible for establishing the Korea Blockchain Institute, a non-profit organization that strives to explore the potential of blockchain tech.
The announcement stated, “Mr. Do Sang Hyuk has been making a great contribution to the development of WaltonChain over the past years. We believe that, as an ecosystem and a team, WaltonChain will have an excellent future under the leadership of Mr. Do Sang Hyuk.”
Though WaltonChain’s project has been rather elusive among other platforms, it has been working to create Internet of Things systems that are supported with blockchain. The asset of this project – WTC – was created during the 2017 ICO boom as an ERC-20 token before the mainnet launched within a year. Though the price of WTC was $0.50 during the boom, it has only fallen by a single cent since the sale.
The price of WTC reached a peak with the massive crypto rally at the end of 2017 at $38.02, but much of its value has been lost since. The price of WTC also took a hit after a giveaway that they hosted, when the platform selected a winner that is employed with WaltonChain itself.
At one time, WaltonChain held major space in the social media sector, even stating that it was seeking to compete with the likes of Ethereum. As it worked to create its own tracking ventures, the use case for the platform started to look more like VeChain. Still, the improvements in the blockchain tech space have made WaltonChain ambitious over how they could make progress in China. The platform was a part of the China Blockchain Technology and Industrial Development Forum in Shenzhen, where it helped with the creation of new standards for the fintech.
WaltonChain is working on hardware options that allow for the processing and distribution of data via blockchain, connecting it with the crypto asset economy, as Bitcoinist reports. While WTC is starting to enter another bearish trend, the fact that is one of the few ICOs of 2017 to still survive shows its perseverance.