South Korean financial conglomerate SK Group to issue its own cryptocurrency

The company intends to create a token based on the existing blockchain infrastructure of the telecommunications company, SK Telecom

24.03.2022 - 15:00

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What’s new? South Korea’s third-largest conglomerate SK Group has announced that it will issue its own cryptocurrency through the investment arm of SK Square. The company plans to issue tokens within a year via an initial coin offering (ICO), according to the Korean news outlet Hankyung.

Information on the Hankyung website

What strategy is the company planning? SK Group intends to create a token based on the existing blockchain of the telecommunications SK Telecom. It will then expand the service to develop its own ecosystem. All SK Group member companies are expected to start using the cryptocurrency. The token will be included in the ifland metaverse platform of the SK Telecom organization.

What had happened before? The use of cryptocurrencies in South Korea has increased dramatically in recent years and even became one of the main topics of the country’s recent presidential elections. Both presidential candidates launched NFTs related to their election campaigns, which were conducted on the local cable TV network MBN’s metaverse.

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