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South Korean Investment Giant SK to Issue Crypto to Be Used in Its Own Metaverse: Report

Thu, 03/24/2022 - 15:36
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Yuri Molchan
Major South Korean company intends to release its own cryptocurrency after investing in local top-tier exchange
South Korean Investment Giant SK to Issue Crypto to Be Used in Its Own Metaverse: Report
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The investment arm of South Korea-based SK Group, SK Square, is working on launching its own digital currency and an innovative blockchain service, together with its partners, according to local media outlet Hankyung.

That was announced by the company on March 23. This new DLT service would connect all of its branches to Metaverse, along with e-commerce and content.

SK Group dipping its toes in crypto, DLT and Metaverse

At the start of this year, SK created a task force dealing with its crypto business. Prior to that, the company made an investment of 87.3 billion won ($71,423,945).

Aside from that, another SK Group subsidiary, SK Planet, signed a contract with Korbit on March 23 to ensure the development of new blockchain projects on its basis.

Now, SK is determined to launch its own digital currency and is first among South Korea's top 10 business conglomerates that have spread the word about this initiative.

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An industry observer cited by Business Korea states that SK Group intends to utilize its future crypto widely for its own Metaverse, Ifland, which deals with e-commerce, OTT service, content and more.

The name of the cryptocurrency has not yet been announced, but the plan is to launch it within a year of the SK statement made on March 23.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at