SK Square, an affiliate of South Korea's third-largest conglomerate by revenue SK Group, plans to launch a cryptocurrency by the end of the year.
- SK Square, an IT investment arm that was spun off from SK Telecom in November 2021, has set up a blockchain task force that is responsible for the project, the Korea Economic Daily reported on Wednesday. The token will be the first of its kind launched by any company under the purview of South Korea's top 10 conglomerates.
- The cryptocurrency is aimed at integrating virtual economies across the group's businesses, the newspaper reported. It will be used in SK Telecom's metaverse platform Ifland, SK Planet’s membership program and 11ST's e-commerce services.
- SK Square has invested KRW 100 billion (US$82 million) in blockchain and metaverse projects, the newspaper reported. It is also the largest shareholder of SK Hynix, the world's second-largest memory chipmaker after Samsung.
- In November 2021, SK Telecom spent KRW 87.3 billion acquire a 35% stake in crypto exchange Korbit.
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