SK Square, the investment arm of South Korea-based giant SK Group, is reportedly working on launching its own cryptocurrency and a blockchain service alongside its partners. According to reports from local media, the firm, which is one of the top ten country’s consortiums, made the announcement on March 23.
The objective of the new blockchain system is to connect to the metaverse, e-commerce and content at the same time to ‘dominate the market ecosystem.’ SK Square recently launched a blockchain task force (TF) in charge of the cryptocurrency business and started the issuance of cryptocurrency. The goal is to launch its own crypto in the metaverse within the year.
SK Square was launched by SK Telecom late last year, and at the same time invested 87.3 billion won in Korbit to acquire a 35% stake in the blockchain and cryptocurrency market.
How It Works
SK Square’s cryptocurrency will likely be introduced to SK Telecom’s metaverse platform ‘IFLAND’. With the introduction of SK Square’s cryptocurrency, IFLAND will be equipped with a play-to-one (P2P) and create-to-one (C2O) mechanism, making it possible to enjoy metaverse content or even make money by directly producing content for the platform. SK Telecom's artificial intelligence (AI) metaverse 'Iverse' could be materialized with AI combined with this, the conglomerate noted.
“We will introduce our own blockchain-based economic system to IFLAND,” Yoo Young-sang, THE CEO of SK Telecom, commented.
Nowadays, with its own blockchain technology, SK Telecom offers various distributed identification (DID) services. In addition, blockchain technology can be applied to various industries such as universities, the financial sector and telecommunications. Furthermore, a cryptocurrency ecosystem could be built using this technology.
In order to increase its own cryptocurrency user base, SK Square’s subsidiaries and affiliates are expected to step forward.
11st (e-commerce), Tmap Mobility (mobility), Content Wave (video content) and SK Planet (points/membership) are some of SK Square’s subsidiaries. In contrast to cryptocurrency based on specific service areas, these platforms are expected to create demand relatively quickly from the beginning than cryptocurrency-based platforms.
