South Korean chaebol SK Group announced plans to issue its own cryptocurrency.
Hankyung reported that SK Group plans to issue its own cryptocurrency by the end of 2022.
SK Group is a chaebol, a traditional South Korean conglomerate, one of the largest groups of companies in the country, whose sphere of interest includes information and communication technologies.
According to the SK Group executives, the cryptocurrency will make it possible to create a virtual economy system based on blockchain, bringing together all of the group’s online services within a single ecosystem. In particular, the cryptocurrency will be used in the Ifland metaverse, online trading platform 11st, video hosting Content Wave and other services controlled by SK Group.
SK Telecom is responsible for developing blockchain technology. In November 2021, SK Telecom spent approximately $71.5 million to acquire 35% of the shares of crypto exchange Korbit.
SK Square, the corporation’s investment division, is responsible for implementing the cryptocurrency. The company has already invested about $82 million in developing metaverse platforms and blockchain technology. The Ifland’s user base exceeds 4.5 million players.
According to various sources, SK Group is the second or third largest corporation in South Korea, after Samsung and Hyundai. Total assets under the chaebol’s management in 2021 were estimated at $226 billion. This would be the first time one of South Korea’s largest conglomerates has issued a cryptocurrency. Recall that South Korea’s cryptocurrency trading market reached $45.2 billion last year, according to the Financial Services Commission (FSC).
