Former Credit Agency Staffers Form Korean Blockchain Rating Firm

With investors lacking information and objective reviews on blockchain projects, a Korean blockchain rating company is formed.

AccessTimeIconSep 27, 2019 at 6:00 a.m. UTC
Updated Sep 13, 2021 at 11:30 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Korea Blockchain Evaluation, a company that issues ratings on blockchain projects, began operations on Sept. 25, according to a report from the Cheongnyeon Ilbo and other local media.

The company believes that investors are harmed by the lack of information on blockchain projects and weak regulations. It added that professional, arms-length analysis using objective criteria are needed to correct the asymmetry that exists in the market.

According to the press reports, Korea Blockchain Valuation executives previously worked at Nice Credit Information Service, a Korean rating agency tracing its origins back to 1986. The company also has an advisory committee with security and blockchain experts.

Ratings from the new firm are multi-tiered. A technology rating is issued, ranging from T1 to T10, with the lower number being better. A business rating is also published, ranging from B1 to B10. From those, a final rating is arrived at, ranging from AAA to D. Ratings are maintained for two years.

A wide range of material is reviewed by the company. It examines a project's white paper, the profile of the project team, technical evaluation data, three-year performance, the latest monthly financials and the shareholding structure.

Korea Blockchain Evaluation also considers in its ratings the competitive landscape, the competitiveness of the project being reviewed and the state of the market.

In addition to announcing its formation, the company also issued its first rating.

The project examined was Charzin, which provides blockchain solutions for the electric vehicle charging market. Korea Blockchain Evaluation gave the project a B4 business rating and a T5 technology rating. The final rating was BB.

In its review, Korea Blockchain Evaluation noted a number of positives. It said the company benefited from the existing electric vehicle charging infrastructure, while its model can be utilized in other e-mobility markets, such as the e-scooter market. The technology was seen as being transparent, secure and scalable.

Korean Blockchain evaluation hopes to expand into a number of areas, including fintech, education and energy.

Korea image via Shutterstock

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


Read more about