On Monday, Park Jung-ho, CEO of SK Square, in an announcement, revealed that it is planning to make an investment of $1.6 billion for merger and acquisition deals in the semiconductor chips and blockchain technology sectors.
The CEO of SK Square, also the Co-CEO of chipmaker SK Hynix, disclosed the investment roadmap for blockchains, chips, and digital assets in the coming three years.
SK Square Reveals Its Investment Plans
SK Square, the South Korean investment management firm, disclosed its plans to invest in $1.6 billion in the next three years at its general shareholder meeting on March 28.
Besides, the company will also be looking at joint investment proposals from domestic and foreign investors in the expanding and ever-demanding market of blockchain, chips, and others.
The firm intends to take into consideration the merger and acquisition deals in Japan and the U.S semiconductor industry for investing in the semiconductor chip business. SK Square is open to investing in all companies in the sector, be it, i.e. big or small.
Already, SK Square has made great investments in the semiconductor industry. In 2012, the firm acquired SK Hynix and is currently the holder of a majority stake of 20.10%. Furthermore, it acquired the NAND memory and solid-state drive business of Intel for $9 billion in 2021 via SK Hynix, it’s subsidiary.
In addition, SK Square seeks investments in the booming areas of blockchain and digital assets.
Further, the company revealed that it plans to launch a white paper that will explain the property and elements of its digital currency before June and before the third quarter, the official launch of cryptocurrency.
Park Jung-ho, commenting on the investments in blockchain technology and semiconductor chips, said this would be the first year when SK Square generates new shareholder value through its investments in blockchain and chips. These fields are familiar to them and see high growth potential.
SK Square At The Forefront Of Crypto Race
South Korean multi-industry companies such as LG, SK Square, and Samsung are leading the way in terms of expanding their presence in the blockchain, crypto, and NFT markets. SK Square has made a lot of investments in partnership with various exchanges, including Kakao-backed virtual human maker Onmind, Korbit.
Furthermore, SK Square sought to invest capital into crypto and Bitcoin mining, expand solutions in blockchain technology and market its upcoming digital currency through fresh investments.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2022/03/28/sk-square-announces-plans-to-invest-1-6b-in-blockchain-technology-heres-how-its-leading-the-crypto-race/