South Korean megacorporation SK Group’s details engineering-expense arm, SK Sq., is planning to start a cryptocurrency this yr to build a blockchain-based mostly virtual financial state that would hyperlink its group of information and communications know-how (ICT) enterprises.
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- SK Square set up a new undertaking power to deliver a blockchain-dependent financial state to its Ifland metaverse, online commerce and other expert services, in accordance to local experiences.
- The business will develop into the very first subsidiary among the major 10 South Korean conglomerates to produce a native crypto token.
- SK Group is South Korea’s 2nd-major conglomerate in phrases of the overall amount of assets at about US$226 billion.
- Past calendar year, SK Sq. turned the 2nd-most significant shareholder of the area crypto exchange Korbit, possessing 35% of its shares.
- SK Telecom, SK Group’s telecommunications business, operates the Ifland metaverse which has a user foundation of far more than 4.5 million men and women.
- South Korea’s crypto market had a market capitalization of about US$45.2 billion at the conclude of 2021, according to the country’s Fiscal Intelligence Unit (FIU).
See associated posting: South Korea’s SK Square is 2nd-major shareholder of crypto trade Korbit