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SK Square plans to launch its own cryptocurrency

SK Square plans to launch its own cryptocurrency

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Answer SK Square plans to launch its own cryptocurrency

A report has emerged that SK Square, the investment arm of South Korean-based giant SK Group, is working to launch its own cryptocurrency and blockchain services along with its partners.

According to reports from local mediaThe company, which is one of the country’s top ten business consortia, made the announcement on March 23, which also stated:

SK Square recently appointed a Blockchain Task Force that will be responsible for the cryptocurrency business.

The goal is to launch a special digital currency to support the activity of “Metaverse” during this year.

SK Square was launched by SK Telecom late last year, at the same time the group invested 87.3 billion won in Korbit to acquire a 35% share in the blockchain and cryptocurrency market.

Read:The market capitalization of the cryptocurrency market is approaching $1 trillion after the price of most currencies, led by Bitcoin and Ethereum, rose

Yoo Young-sung, CEO of SK Telecom, commented:

We will introduce our own blockchain-based economic system

Nowadays, with its own blockchain technology, SK Telecom offers several Distributed Identification (DID) services.

In addition, blockchain technology can be applied in various industries such as universities, the financial sector and telecommunications.

Additionally, a cryptocurrency ecosystem can be built using this technology.

In order to increase the user base of cryptocurrency, subsidiaries and affiliates of SK Square are expected to offer their services in the new digital currency, among which are:

11st (e-commerce), Tmap Mobility (transportation services), Content Wave (video content) and SK Planet (points/membership)

Unlike cryptocurrencies based on specific service areas, these platforms are expected to create relatively rapid demand from the start and expand crypto-based platforms.

Read:Now You Can Get A Loan Against Ripple Currency (XRP)

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Ethereum (ETH) total market capitalization outperforms MasterCard and Bank of America


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