2 years ago
SK Square, an affiliate of South Korea's third-largest conglomerate by gross SK Group, plans to motorboat a cryptocurrency by the extremity of the year.
SK Square, an IT concern limb that was spun off from SK Telecom successful November 2021, has acceptable up a blockchain task unit that is liable for the project, the Korea Economic Daily reported connected Wednesday. The token volition beryllium the archetypal of its benignant launched by immoderate institution nether the purview of South Korea's apical 10 conglomerates.
The cryptocurrency is aimed astatine integrating virtual economies crossed the group's businesses, the paper reported: It volition beryllium utilized successful SK Telecom's metaverse level Ifland, SK Planet’s rank programme and 11ST's e-commerce services.
SK Inc, the group's holding company, is the largest shareholder of SK Square and SK Telecom with 30% stakes successful both.
SK Square has invested KRW 100 cardinal ($82 million) successful blockchain and metaverse projects, the paper reported. It is besides the largest shareholder of SK Hynix, the world's second-largest representation chipmaker aft Samsung.
In November 2021, SK Telecom spent KRW 87.3 cardinal get a 35% involvement successful crypto speech Korbit.
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Eliza Gkritsi is CoinDesk's crypto mining newsman based successful Asia.
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