The investment firm – SK Square – is said to have invested 90 billion won ($ 75.5 million) to acquire a 35% stake in the Korbit digital asset exchange. In doing so, he became the second largest shareholder in the South Korean trading platform since Nexon’s holding company – NXC – held 48%.
SK Square Expands to The Crypto Universe
According to a local coverage, SK Square – a South Korean investment organization focused on ICT (information and communication technology) – joined the cryptocurrency bandwagon because it “believes its value of assets could grow just by holding shares of Korbit.”
The company further pointed out that the volume of digital asset trading in the Asian country in the first nine months of 2021 exceeded $ 3 billion. This amount is 12.6% higher than the trading volume of Kospi shares (the Korean equivalent of the US S&P 500).
With the latest investment, Korbit – one of the leading cryptocurrency exchanges in South Korea – raised hopes to enhance its services and create a safer environment for those willing to trade bitcoin and alternative coins.
The trading platform also intends to introduce metaverse options by bridging Ifland – a platform operated by SK Telecom – and Korbit Town – an ecosystem where users can manage digital assets play- to-earn.
Yoon Poong-young – Chief Investment officer of SK Square – asserted this will not be the last crypto endeavor of his firm:
“SK Square will continue to invest in areas of ICT that will drive future innovations, such as blockchain and metaverse, to become an attractive investment company. “
In turn, Korbit’s CEO – Oh Se-jin – believes the move “will maximize customer value by improving the quality of services” at the exchange. It would also connect users with the NFT space “through synergy with SK Square.”
Korbit survived the purge
In recent months, the Financial Intelligence Unit (FIU) – South Korea’s monetary watchdog – has asked local cryptocurrency exchanges to comply with anti-money laundering (AML) rules. by registering with the regulator until September 24. The trading venues were also required to obtain a security certificate to ensure the security of their services.
Of all the exchanges operating in South Korea, only four – Korbit, Upbit, Bithumb, and Coinone – successfully completed all requirements. On the other hand, around 40 platforms suspended their businesses as they could not meet the deadline. 28 exchanges obtained security certificates and will continue to operate without making won settlements.
