S. Korea’s SK Square to Spend $1.6B on Semiconductors, Blockchain
The company, which acquired a 35% stake in crypto exchange Korbit in November, has been jumping into the crypto sector.
Mar 28, 2022 at 9:59 a.m. UTCUpdated May 11, 2023 at 5:57 p.m. UTC
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SK Square, the investment arm of South Korean conglomerate SK Group, will spend 2 trillion won ($1.6 billion) in the next three years on semiconductors and blockchain, according to a report.
- “This will mark the first year when SK Square creates new shareholder value by investing in chips and blockchain, the fields that we are familiar with and we see a high growth potential,” Park Jung-ho, CEO and vice chairman of SK Square, told The Korean Herald on Monday.
- The firm plans to launch its own token before the end of the year, according to a previous report. The new digital asset will be part of a new blockchain economic system across SK Telecom’s Ifland metaverse and its affiliates‘ internet services.
- SK Square was spun off from SK Telecom in November. It has already made investments in the crypto sector. In November, it acquired a 35% stake in crypto exchange Korbit worth 90 billion won ($75 million).
- The latest news was first announced in the company's shareholder meeting on Monday.
- SK Square wasn't immediately available for further comment.
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Camomile Shumba is a CoinDesk regulatory reporter based in the UK. She previously worked as an intern for Business Insider and Bloomberg News. She does not currently hold value in any digital currencies or projects.