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Finance

SK Telecom Spinoff Acquires $75M Stake in Crypto Exchange Korbit: Report

SK Square has become Korbit’s second-largest shareholder behind NXC, the owner of video game company Nexon.

By Jamie Crawley
AccessTimeIconNov 29, 2021 at 1:13 p.m. UTC
Updated May 11, 2023 at 7:08 p.m. UTC
Seoul, South Korea. (Ciaran O'Brien/Unsplash)
Seoul, South Korea. (Ciaran O'Brien/Unsplash)

SK Square, an investment company spun off from South Korean telecoms provider SK Telecom, has acquired a 35% stake in crypto exchange Korbit worth 90 billion won ($75 million).

  • According to a report by Korea JoongAng Daily, SK Square became Korbit’s second-largest shareholder behind NXC, the owner of video game company Nexon.
  • SK Square and Korbit will explore opportunities for integration between their respective metaverse platforms, or shared virtual environments.
  • Korbit, one of Korea’s largest crypto exchanges, also aims to use the investment to enhance its services to make for a more secure trading environment.
  • The exchange launched South Korea’s first non-fungible token (NFT) marketplace in June, enabling trading of digital assets using ether.
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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Jamie Crawley
    Jamie Crawley

    Jamie Crawley is a CoinDesk news reporter based in London.

    Follow @JamieCrawleyCD on Twitter
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