South Korean giant SK Group’s investment arm SK Square is planning to launch its cryptocurrency and a blockchain service with its partners.
According to the announcement, the firm hopes to connect with e-commerce and the metaverse space at the same time with the launch of the blockchain as it plans to “dominate the market ecosystem.”
SK Square Acquires 35% Stake In Korbit
In line with this vision, SK Square has already started the issuance of a cryptocurrency and launched a blockchain taskforce (TF) to oversee the crypto project. The company wants to roll out the cryptocurrency in the metaverse before the end of the year.
Although SK Square was launched last year, the firm has already invested 87.3 billion won in Korbit to fulfill its plans in the cryptocurrency and metaverse ecosystem. Following its investment, the platform now has a 35% stake in the blockchain firm.
SK Square will be introducing the cryptocurrency on ‘IFLAND’, the SK Telecom metaverse platform
SK Square noted that when its cryptocurrency is introduced, IFLAND will be equipped with create-to-one (C20) and play-to-one (P2P) mechanisms. As a result, users can directly enjoy metaverse content or produce content for the platform and make money in the process.
Chief Executive Officer of SK Telecom Yoo Young-sang, stated that the company will be introducing its blockchain-based economic system to IFLAND as part of the project’s development.
SK Square To Collaborate With Its Affiliates For The Project
SK Telecom uses its blockchain technology to provide various distributed identification (DID) services.
Additionally, it will apply its blockchain technology across several industries, including telecommunications, the financial sector, as well as universities. The technology can also be applied when building a cryptocurrency ecosystem, Young-sang said.
SK Square will also work in collaboration with its subsidiaries and affiliates to expand its cryptocurrency user-base. These subsidiaries include SK Planet, Content Wave (video content), 11st (e-commerce), and Tmap Mobility (mobility). The platforms are expected to speed up the demand within the market for cryptocurrency use than conventional crypto-based platforms.