Major South Korean company intends to release its own cryptocurrency after investing in local top-tier exchange
The investment arm of South Korea-based SK Group, SK Square, is working on launching its own digital currency and an innovative blockchain service, together with its partners, according to local news outlet Hankyung.
That was announced by the company on March 23. This new DLT service would connect all of its branches to Metaverse, along with e-commerce and content.
SK Group dips its toes into crypto, DLT and Metaverse
Earlier this year, SK established a task force to oversee its crypto business. Before that, the company had made an investment of 87.3 billion won ($71,423,945).
Aside from that, another SK Group subsidiary, SK Planet, signed a contract with Korbit on March 23 to ensure the development of new blockchain projects on its basis.
Now, SK is determined to launch its own digital currency and is the first among South Korea’s top 10 trading conglomerates to publicize the initiative.
An industry observer cited by Business Korea states that SK Group intends to utilize its future crypto widely for its own Metaverse, Ifland, which deals with e-commerce, OTT service, content and more.
The name of the cryptocurrency has yet to be announced, but the plan is to launch it within a year of SK’s March 23 statement.
SK Square has venture capital funding at Korbit
The plan to go all out in the cryptocurrency industry is not a plan that was conceived overnight. As a venture capital firm, SK Square took a stake in Korbit Exchange, South Korea’s fourth largest trading platform.
At a time when digital currency trading platforms come under very strict scrutiny from Korean regulators, SK Square saw potential in Korbit, one of the few exchanges that has remained operational after a recent crackdown. While Korbit controls roughly 0.3% of the cryptocurrency exchange market in South Korea according to the Bloomberg report, the $ 76 million investment the company made was seen as a viable avenue for connect with the growing crypto industry.
As Huh said, the Korbit move is the first of many attempts that will see the company push its investments into digital foreign currency trading platforms. While establishing an international coin ecosystem remains one of the plans for this business, the company is also notably open to investing in digital currencies.
“I don’t think cryptocurrency by itself is a speculative asset,” he said. “We are aware of the volatility of the price movement and need to be careful. But it doesn’t make sense for us to rule out crypto as an investment option. “
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Benjamin Godfrey is a blockchain enthusiast and journalist who enjoys writing about the real-world applications of blockchain technology and innovations to foster general acceptance and global integration of emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain-based media and sites. Benjamin Godfrey is a lover of sport and agriculture.
