South Korean coffee shop chain heavyweight Tom N Toms is set to release what the South Korean media has universally called a “cryptoasset” that makes use of blockchain technology.
Per multiple media reports from outlets including News1 and Chosun Ilbo, the chain, which has more than 400 branches in around 10 nations worldwide and outlets in most major South Korean cities, will debut the token, named TomTom Coin, in the “first half” of 2021.
The token will make use of the My Tom smartphone app, and the firm stated that the coin would be accepted in its domestic and overseas outlets.
The company added that the token would be used as a “payment method” for “the company's platform in the future,” and would “provide convenience, diversity, and transparency” to its customer rewards program.
And it added that the development was being made in line with government-promoted contact-free forms of payment – a priority for Seoul as a mitigating measure to fight the coronavirus pandemic.
However, Tom N Toms did not reveal where it would be launching the token. All forms of initial coin offering (ICO) are illegal in South Korea, although a number of larger South Korean companies have successfully launched tokens via overseas subsidiaries. Examples include Hyundai, which launched a token in Switzerland via an affiliate, and chat app operator Kakao, which launched its klay token in Singapore.
Tom N Toms does business in a number of locations worldwide, including the United States, Mainland China and Hong Kong, Mongolia, and the Philippines. This factor could give the firm a considerable range of bases from which it could launch a cryptoasset without running afoul of South Korean ICO regulations. Learn more: South Korean Bankers 'Fear' Starbucks Crypto Threat Crypto Adoption in 2021: Bitcoin Rules, Ethereum Grows & Faces Rivals Step 1 for Companies: Buy Bitcoin; Step 2: Issue Their Own Token - Arca