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Major South Korean Daegu Bank and SK Telecom, the Nation’s Largest Wireless Carrier, are Working on 5G enabled Quantum Cryptography Tech

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South Korea-based DGB Daegu Bank, which is part of the DGB Financial Group (DGBFG), a banking holding company based in Daegu, has partnered with SK Telecom, a South Korean wireless telecommunications operator.

Through the partnership, both organizations aim to enhance Daegu Bank’s IM Bank app’s security by using 5G enabled quantum cryptography technology.

SK Telecom is a key part of the SK Group, which is one of the nation’s largest chaebols (a large conglomerate that’s controlled by an owner or family based in South Korea).  SK Telecom is the country’s largest wireless carrier. The company notably leads the domestic market with around a 50% share. Meanwhile, Daegu Bank is one of the largest regional banks in South Korea. It mainly services customers based in the Daegu-Gyeongbuk region.

The IM Bank app will reportedly allow Samsung Galaxy A Quantum owners to use the handset’s quantum random number generator (QRNG) for enabling greater security. The QRNG chipset that has been embedded in the Galaxy A Quantum mobile phones is able to generate “true” random numbers that are not predictable, according to SK Telecom.

The technology will be used to generate  one-time passwords at the time when IM Bank clients are sending funds or creating accounts. SK Telekom and Daegu Bank said they’ll be looking into other use cases for the technology.

Quantum tech has also been used by many other financial service providers. As reported, the BBVA continues to work on quantum computing data projects. Last month, the BBVA had shared results of its quantum computing tech proof of concepts for improving currency aribtrage and enhancing porfolio management.

Crypto or blockchain industry participants have also raised concerns about whether the binary model based digital currencies of today, like Bitcoin (BTC) and Ethereum (ETH), will be ready for the time when quantum computers have matured.

Ethereum (ETH) might not even have quantum resistance on its roadmap, the Quantum Resistant Ledger (QRL) team revealed in June 2020.

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Walmart Shoppers can Now Earn Cryptocurrency back via StormX, which also Supports Cashback with Microsoft, eBay, Nike

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StormX, which allows users to complete gamified micro-tasks or shop online while earning as much as 87.5% cryptocurrency back as a StormX rewards member, is now allowing customers to earn cashback in digital currencies when they shop at a Walmart store.

StormX users will be able to earn up to 4% cashback in cryptocurrency on all purchases from Walmart. Users with a “Diamond” rank or status may get as much as 14%.

Simon Yu, CEO at StormX, stated that the Walmart partnership could potentially bring new users to the service. Yu claims that his company is the first to offer cashback in crypto to Walmart customers.

StormX has partnered with 650 retailers, so that they’re able to offer cashback in cryptocurrency. The partners reportedly include Microsoft, eBay, Nike, Adidas, Target, Dell and Samsung. StormX claims it has distributed over $2 million in crypto cashback to its users.

Yu noted in a blog post that the company’s online sales are up 76% year-over-year. Yu added that since the company’s mobile launch of “Shop” on the StormX app, it’s now at more than 257,000 unique users in only five months.

Last year, StormX introduced a Chrome web extension allowing users to make direct purchases (online) from the computer.

In 2019, the company added stablecoin Dai and Litecoin (LTC) as additional crypto back options.

During Q1 2020, StormX introduced updates that let users shop with hundreds of stores being supported across the globe. The company also launched shopping in South Korea last year. It has become its second-largest market. In order to meet customer demand and requirements, the company has added Korean language support.

StormX also introduced shopping for Android and iOS and now has more than 70,000 active users per month.

During Q2 2020, StormX introduced its Rewards Program so that users can earn as much as 3.5x crypto back at every store. StormX’s STMX token has now been listed on Uniswap and KyberSwap, which marks the company’s “first step” into DeFi.

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