SEOUL, South Korea, May 26, 2022 (GLOBE NEWSWIRE) -- With the recent appointment of their new President, the excitement and development around the crypto space in South Korea have continued to grow. One of the blockchain-based digital assets reaching new heights is Nagaya (NGY), which recently achieved a new milestone by being honored with the Grand Prize in the field of Nickel Industry (IT Digital Asset) at the 25th Jang Young-sil International Science and Culture Award, held on 22 April 2022.
The Jang Young-sil International Science and Culture Awards ceremony was first held in March 1999 to honor Jang Young-sil, one of the greatest inventors in South Korean history. The award was established to stimulate research and innovation and also to honor those innovators whose product or process made an outstanding advancement and provide value to the general public.
This award is anticipated by the general public due to its significance on innovation and research in the country and was also attended by the Ministry Board of South Korea, including the Former Prime Minister of South Korea Dr. Lee Soo Sung. Some of the past recipients include prominent figures such as Dato Lee Yee Cheong from Malaysia and Professor Kang Sung Mo from South Korea.
Nickel, also known as the new gold, is available only in a few countries but it is becoming an essential resource in our daily lives. High entry barriers to nickel mining have limited the number of corporations to be operating them. However, Nagaya has utilized business in nickel resource development as a supplement to support its Blockchain-based Hybrid Digital Asset Concept. With this, Nagaya is paving the path for the transition from a first-generation industry to a fourth-generation industry.
The award was received by Nagaya Technologies Chief Business Development Officer Mr. Jung Heechul, who accepted the award on behalf of the CEO, Mr. Yorath Yohannes Tjandra who was unable to attend the event. “It was a great honor to get this award, and this definitely represents a significant step in the development of Nagaya going forward.”
Aside from receiving this award, Nagaya will be having few utilities planned in South Korea. Nagaya has signed an MOU with Sesung Co. Ltd, in which Nagaya (NGY) has been chosen to be the official payment method in P4 Lala Square, a new shopping center currently being built in the ad hoc new administrative capital of South Korea, Sejong City. Nagaya has also planned to roll out its new blockchain-based payment platform called “Nagaya Pay Partner,” whereby Nagaya (NGY) will be accepted as a blockchain-based payment method by participating merchants under the Korean Micro Enterprise Association.
“It is a wonderful accomplishment, but we still need to work hard,” said the CEO, Mr. Tjandra when interviewed after the event. This is the first time that a blockchain-based Digital Asset Company is to receive such an award.
Nagaya Technologies Pte Ltd, huihui_koh@nagaya.tech
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6450a428-30b9-469b-aff8-5feaaa7ef2c2
