South Korea’s IT, SK Square, giant to issue own cryptocurrency –

SK Square, the information technology investment arm of South Korean megacorporation SK Network, is planning to introduce a cryptocurrency this year to connect its group of information and communications technology (ICT) enterprises through a blockchain-based virtual economy.

SK Square: First to establish a local crypto token

The company will be the first of the top ten South Korean conglomerates’ subsidiaries to establish a local crypto token.

According to the country’s Financial Intelligence Unit, the crypto market in South Korea has a market capitalization of around US$45.2 billion at the end of 2021. (FIU).

According to local media, SK Square has formed a new task group to bring a blockchain-based economy to its Ifland metaverse, online commerce, and other services.

With a total asset value of almost US$226 billion, SK Group is South Korea’s second-largest corporation.

SK Square became the second-largest shareholder in the local crypto exchange Korbit last year, with a 35 percent stake.

The Ifland metaverse is run by SK Telecom, the telecommunications arm of the SK Group, and boasts a user base of over 4.5 million individuals.

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About SK Square

Chey Tae-SK won’s Group, a chaebol best known for its semiconductors and telecoms companies, has taken a significant move into the hot sector of cryptocurrency.

A company of SK Group paid 90 billion won ($75.5 million) for a 35 percent share in Korbit, one of Korea’s largest cryptocurrency exchanges. After Korean billionaire Kim Jung-NXC, ju’s the holding company of online game giant Nexon, SK Square becomes Korbit’s second-largest shareholder.

Korbit is more than just a cryptocurrency exchange. According to local press sources, Korbit developed an NFT trading platform in May, the first of its type in Korea.

SK has been investing in technology such as biotech and electric vehicle batteries in recent years. SK Group recently obtained a $2 billion investment from KKR, a private equity firm based in the United States, to help fund the Korean conglomerate’s plans to become a hydrogen powerhouse in the face of mounting demand to decrease carbon emissions.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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