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

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

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.

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

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

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

STORY CONTINUES BELOW

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Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.

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