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 media 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.
According to hankyung, SK Square, the investment company of one of the top ten South Korean consortiums, is launching its own cryptocurrency. The idea is to build a blockchain-based system that connects to metaverse, e-commerce, and content. https://t.co/qWJqpvD9PE
— Wu Blockchain (@WuBlockchain) March 24, 2022
SK Group dipping its toes in crypto, DLT and Metaverse
At the start of this year, SK created a task force dealing with its crypto business. Prior to that, the company 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 first among South Korea’s top 10 business conglomerates that have spread the word about this 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 not yet been announced, but the plan is to launch it within a year of the SK statement made on March 23.