The SK Group, South Korea's third-largest conglomerate, disclosed intentions to launch its altcoin through its investment entity SK Square. This initiative marks SK Group as the leading financial conglomerate in South Korea to consider cryptocurrency issuance. The group is also working on a Blockchain service to streamline issuance for its affiliates. Both endeavors are in their early phases, aiming to debut the altcoin later this year via an initial coin offering (ICO). Nonetheless, due to the ban on ICOs in South Korea at present, SK Group is exploring options for overseas issuance or awaiting a more favorable regulatory climate, as advocated by newly elected President Yoon Suk-Yeol, who promotes crypto-friendly regulations.
SK Square's goal is to establish an inclusive cryptocurrency ecosystem by utilizing various companies within the SK Group. As per the South Korean news source Hankyung, SK Group's initial objective is to construct the altcoin on the existing Blockchain infrastructure of SK Telecom, the country's largest wireless operator under SK Group.
The conglomerate intends to extend its services to create a wider ecosystem where all SK Group entities are projected to embrace the new currency. Additionally, the altcoin will be incorporated into SK Telecom's metaverse platform ifland, thereby promoting its usage.
This initiative isn't SK Group's initial entry into the cryptocurrency space. In November 2023, the conglomerate invested 90 billion South Korean won (73 million dollars) in Korbit, one of the major cryptocurrency exchanges in South Korea, becoming its second-largest stakeholder. Furthermore, on May 15, SK Planet, a SK Square subsidiary, inked a deal with Korbit to develop novel Blockchain undertakings. This collaboration highlights SK's continual dedication to enhancing its presence in the cryptocurrency and Blockchain domains.
Surge in Cryptocurrency Interest Among South Korean Businesses
In recent years, cryptocurrencies have witnessed a remarkable surge in popularity in South Korea, emerging as a significant topic in the country's recent Presidential elections. Both Presidential candidates engaged with the crypto-inclined young demographic by providing NFTs linked to their electoral campaigns. Statista reports that approximately 10% of South Koreans, equating to 5 million individuals, invested in cryptocurrencies in 2021.
With the growing interest in cryptocurrencies, other prominent South Korean corporations have begun exploring the Blockchain arena. For instance, Krafton, one of the primary video game developers in the nation, disclosed a collaboration with Solana to venture into the Blockchain gaming sector. This trend underscores the increasing assimilation of Blockchain technology and cryptocurrencies across various sectors of the South Korean economy.
The source of this article: COINTURK NEWS SK Group Plans to Launch Its Own Altcoin