SK Square, the investment arm of South Korean conglomerate SK Group, is looking to issue its own cryptocurrencies in a major push to enter the nascent space.
SK Group is South Korea’s third-largest conglomerate with more than 95 subsidiary companies under its umbrella. Founded in 1953, the group offers products and services in four key areas: Semiconductors, Telecommunications, Energy, and Life Sciences.
SK Square became an independent subsidiary of SK Telecom in November last year to focus on the company’s tech business. The latest announcement has made it the first conglomerate to offer its own cryptocurrency.
In addition to digital assets, the company also plans to offer blockchain services with its partners to streamline crypto issuance. This comes after SK Square launched a blockchain task force (TF) to manage its crypto business earlier this year.
According to local media reports, the company will leverage the digital currency for SK Telecom’s metaverse platform Ifland, SK Planet’s point and membership-based platform, e-commerce of 11ST, and OTT service Wavve, amongst others.
“SK Square sees blockchain as its main future platform business. We are preparing innovative blockchain services with SK Square’s affiliates, and we will transparently communicate with the market when the business takes shape,” an industry insider told the Korea Economic Daily.
SK Square made its first strategic investment in South Korean crypto exchange Korbit, acquiring a whopping 35% stake for 87.3 billion Korean won.