SK Square to Demand Metaverse Presence for Portfolio Companies: Report

The requirement marks a move into a new environment compared with the traditional investments of South Korea’s largest industry groups.

Dec 13, 2021 at 11:24 a.m. UTC
Updated Dec 13, 2021 at 4:32 p.m. UTC

Sheldon Reback is a CoinDesk news editor based in London. He owns a small amount of ether.

SK Square, the investment spinoff of SK Telecom, wants all its portfolio companies to have a metaverse presence, Bloomberg reported.

  • “Our business needs to evolve into the metaverse,” SK Square Managing Director Huh Seok-joon said in an interview with Bloomberg. In the future, customers will interact with companies through the metaverse rather than mobile phones, and crypto tokens will become native currencies for their platforms, he said.
  • SK Telecom is owned by SK Group, one of South Korea’s largest companies. The metaverse requirement stands in contrast to the traditional investments made by the country’s conglomerates, which tend to be focus on industries such as pharmaceuticals, logistics and manufacturing rather than the intangible, digital world.
  • The metaverse, a shared digital environment that mimics elements of the real world, has come increasingly into focus in recent months. In October, Facebook’s parent company renamed itself Meta to reflect its aspirations to be active in that type of environment, and plots of virtual real estate have been selling at record prices.
  • The metaverse represents a market opportunity of more than $1 trillion annual revenue, crypto investment giant Grayscale said in a report last month. (Grayscale is owned by Digital Currency Group, the parent company of CoinDesk.)
  • SK Square owns stakes in companies including chipmaker SK Hynix, where it is the largest shareholder, as well as 11street, an online shopping mall, and TMap Mobility, a ride services provider, Bloomberg said. Last month, it bought a minority stake in crypto exchange Korbit.




Read more about
The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Sheldon Reback is a CoinDesk news editor based in London. He owns a small amount of ether.

CoinDesk - Unknown

Sheldon Reback is a CoinDesk news editor based in London. He owns a small amount of ether.

Trending

1
CoinDesk - Unknown
Japanese Bank Sumitomo Mitsui Trust to Establish Digital Asset Custodian: Report

The bank's pivot to digital assets comes alongside a global banking shift toward cryptocurrencies.

The bank's pivot to digital assets comes alongside a global banking shift toward cryptocurrencies.

CoinDesk - Unknown
2
CoinDesk - Unknown
BNP Paribas Joins JPM's Blockchain Network Onyx for Fixed Income Trading: Report

The French bank will use the Onyx network for short-term fixed income trading.

The French bank will use the Onyx network for short-term fixed income trading.

CoinDesk - Unknown
3
CoinDesk - Unknown
Crypto Valley Venture Capital Launches African Blockchain Early-Stage Fund

The venture capital investor published a report which found funding for African blockchain startups far outpaced investment in other venture funding.

The venture capital investor published a report which found funding for African blockchain startups far outpaced investment in other venture funding.

CoinDesk - Unknown
4
CoinDesk - Unknown
First Mover Asia: Terra's Difficult Post-Collapse Path: VCs Backing Away, Regulators Jumping on Stablecoins

Some investors see salvageable pieces in the rubble while others are bemoaning their involvement and want to forget the protocol ever existed; bitcoin edges up in weekend trading.

Some investors see salvageable pieces in the rubble while others are bemoaning their involvement and want to forget the protocol ever existed; bitcoin edges up in weekend trading.

CoinDesk - Unknown