[Blooming Lunch] Yongil Kim: "Blockchain is a Quasi-Industrial Revolution"

Yongil Kim, Head of Asia at AVA Labs

Experience in M&A advisory at KDB

Joined AVA Labs in 2023

Leading major partnerships with large enterprises

"Will accelerate the timing of blockchain adoption"

'Meeting good people and having great conversations.' This is the basic intention of Blooming Lunch. We meet outstanding figures in the crypto scene (blockchain & digital asset ecosystem) and share their work and lives.

Yongil Kim, Head of Asia at AVA Labs, comes from a banking background. After completing his studies in the U.S., he worked for about 13 years at KDB Industrial Bank, engaging in areas such as public affairs and M&A advisory, before joining AVA Labs in early 2023. AVA Labs is the developer behind the Layer 1 blockchain Avalanche (AVAX), which was founded in 2018.

At AVA Labs, Kim first served as Head of Korea and now oversees the Asia region. He remarked, "Both my work at KDB and at AVA Labs involve designing logic and persuading people, so fundamentally they are connected," adding, "There are times when it feels like I'm continuing what I did at KDB."

The interview took place at Obok Susan Tuna Yeouido, located in Yeongdeungpo-gu, Seoul. The restaurant is on the 2nd floor of the WeWork Yeouido building, which also hosts the AVA Labs Seoul office. At lunchtime, their rice bowls and kaisendon are popular. We ordered one Special Kaisendon and one Special Unidon.

"A Dinner with a Chilean Couple Was the Turning Point"

The restaurant was busy with office workers having lunch. While waiting for our meal, I asked Kim about his transition from KDB to AVA Labs. He said, "I made up my mind to change careers when I went to study in the U.S. in 2021 for my master's degree," and "A meal with a Chilean couple who became my friends there was the key moment."

When Kim asked the Chilean couple about their financial planning, they answered, "We save all our wealth in Bitcoin." Upon hearing this, he felt "like he had been struck on the head," and explained that while blockchain technology had long interested him, Bitcoin wasn't foreign, but with Korea's strong financial safety nets, he realized that Korea could become a blind spot for blockchain innovation. He continued, "Globally, there are not a few countries where the value of the local currency is even less stable than Bitcoin," and added, "Since that day, I became 100% certain that I should move into the crypto sector."

As we talked, the food arrived. The Special Kaisendon was a rice bowl topped with crab, sea urchin, and salmon roe in addition to the regular kaisendon ingredients. The Special Unidon that Kim ordered came with sea urchin, salmon roe, scallops, and fatty tuna on top. The seafood on the rice was notably fresh. The sea urchin, with its unique flavor and texture and no fishy aroma, left a strong impression. Kim mentioned, "I first tried kaisendon on a trip to Japan a few years ago and it became one of my favorite foods."

Leading Partnerships with Firms Like Nexon

Having returned from the U.S., Kim joined AVA Labs in 2023. Afterwards, he drove Avalanche's noteworthy partnerships. A prime example is collaborating with 'MapleStoryN', a blockchain game developed by Nexon, Korea's largest game company. Last year, Nexon finalized Avalanche as the blockchain for MapleStoryN, switching from previous partner Polygon. Another of Kim's achievements was SK Planet, the ICT affiliate of the SK Group, selecting Avalanche as its blockchain business partner in 2023.

He explained that such partnerships came about because "having tangible results was most important." Without practical, real-world use cases, blockchain mainnets risk being "technology for technology's sake." Kim said, "This is not only Avalanche's philosophy but also my personal credo," and added, "Working with various projects has made this conviction even stronger."

He believes the blockchain industry is still in the 'B2B (business-to-business)' phase. Kim noted, "Nearly every new technology begins with B2B when it spreads," and "About 15 years ago, when cloud technology first appeared, organizations adopted it before it expanded to B2C (business-to-consumer)." He continued, "I feel a sense of reward contributing to blockchain adoption when major partnerships are achieved," and "Accelerating the point at which blockchain technology truly reaches ordinary users is one of the reasons I work at AVA Labs."

Kim emphasized that "blockchain is a technology with philosophy." He stated, "The 'decentralization' of blockchain and cryptocurrencies is a philosophical idea about dispersing power concentrated in the hands of a few," and commented, "Among the technologies developed by humans, it's very rare to see one with philosophy at its core like blockchain."

"Blockchain is a Quasi-Industrial Revolution"

We moved to the Starbucks Reserve store on the first floor of the building, the premium brand of Starbucks offering filter coffee. At the café, Kim and I ordered two cups of filter coffee brewed with Moanti Peaberry beans from Papua New Guinea. A business card-sized card provided with the coffee described the beans: 'a taste that brings together the sweetness of ripe fruit, subtle cedar aroma, and rich body for a deep experience.'

After sipping his coffee, Kim continued. He said, "Since first encountering blockchain, I thought this technology could lead to a 'quasi-industrial revolution'" and added, "My view that it's the biggest industrial change I may experience in my career hasn't changed." He also noted, "Getting to meet diverse teams and people worldwide is another charm of this industry," and "More than any other field, encountering new people and stories frequently broadens my perspective."

When asked about summer vacation plans, he replied, "I already went with my family last month." He added it was his first summer vacation since joining AVA Labs in early 2023. Kim said, "Last year, I had twin daughters, and we went to Jeju Island for summer vacation as a family," and with a laugh, "I didn't look at my laptop for about 4 days, and that's the longest I've gone without it since joining AVA Labs."

After the interview, Kim escorted me to the building entrance. We agreed to have dinner soon at a jazz bar in Gangnam, Seoul, where a member of the AVA Labs Korea team occasionally DJs. After the farewell, he headed briskly to the elevator.

This interview did not receive support or financial compensation from any restaurant or brand and was conducted without commercial intent. The 'Blooming Lunch' feature is meant to share candid interviews in a casual atmosphere at the interviewee's go-to restaurant.