S.Korea’s 2nd-largest conglomerate to issue own cryptocurrency

Golden bitcoins and South Korea flag

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.

See similar article: South Korea desires to be the physical home of the metaverse

Quickly information

  • 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