South Korean megacorporation SK Group’s information technology-investment arm, SK Square, is preparing to launch a cryptocurrency this year to build a blockchain-based virtual economy that would link its group of information and communications technology (ICT) businesses.
See related article: South Korea wants to be the physical home of the metaverse
- SK Square established a new task force to bring a blockchain-based economy to its Ifland metaverse, online commerce and other services, according to local reports.
- The company will become the first subsidiary among the top 10 South Korean conglomerates to develop a native crypto token.
- SK Group is South Korea’s second-largest conglomerate in terms of the total amount of assets at about US$226 billion.
- Last year, SK Square became the second-largest shareholder of the local crypto exchange Korbit, owning 35% of its shares.
- SK Telecom, SK Group’s telecommunications company, operates the Ifland metaverse which has a user base of more than 4.5 million people.
- South Korea’s crypto market had a market capitalization of about US$45.2 billion at the end of 2021, according to the country’s Financial Intelligence Unit (FIU).
See related article: South Korea’s SK Square is 2nd-largest shareholder of crypto exchange Korbit