The tech investment arm of the South Korean conglomerate reportedly halted the plan to issue its own cryptocurrency, citing the macroeconomic environment and trust issues related to cryptocurrencies.
See related article: South Korea’s second-largest conglomerate to issue own cryptocurrency
Fast facts
- SK Square told local news agency Newsis that preparations for trademark applications and the establishment of subsidiaries are complete despite the delay.
- The company originally planned to issue the crypto-related white paper in the first half of 2022, and the cryptocurrency in the third quarter of this year.
- SK Square did not comment on when it will resume its cryptocurrency project.
- In a shareholders meeting in March, SK Square said the cryptocurrency will be used to expand services and drive synergy with partly-owned crypto exchange Korbit and SK Telecom’s Ifland metaverse, which has a monthly average user base of 1.2 million.
- With total assets at about US$224 billion, SK Group is currently South Korea’s second-largest conglomerate after Samsung, according to the country’s Fair Trade Commission.
See related article: South Korea’s SK Square is 2nd-largest shareholder of crypto exchange Korbit