SK Square, a new investment company owned by SK Group, one of the largest conglomerates in South Korea, has chosen cryptocurrency exchange Korbit as one of its first investments. The two companies aim to upgrade the trading platform’s environment in order to provide users with more accurate and trustworthy investment information, and plan future operations in the meta-universe and NFT (non-forgeable tokens).
SK Square today became Korbit’s second largest shareholder through an investment of 90 billion won ($75.4 million).SK Square now owns 35 percent of Korbit, one of the four largest cryptocurrency exchanges in South Korea.Korbit’s largest shareholder is NXC, the holding company of game developer Nexon, which owns 48 percent of the shares.
Oh Se-jin, chief executive of Korbit, said.” With this investment, we will maximize customer value by improving the quality of Korbit exchange’s services and develop new businesses such as in NFT and Meta Universe through synergies with SK Square.”
Meanwhile, local media reports have expressed anticipation of the possible integration of Korbit’s Korbit Town metaverse and SK Square’s sister company SK Telecom’s own metaverse.Korbit plans to launch an upgraded service through Korbit Town and SK Square’s various platform and content-related subsidiaries (including the Ifland metaverse) service linkages between them to launch an upgraded metaverse service.
SK Square also announced that it will invest 40% of its shares in On Mind Inc. a subsidiary of Kakao Games’ Neptune Inc. On Mind has self-developed technology in the creation of 3D digital people and real-time graphics rendering. Most recently, it created a virtual influencer called Sua.
SK Square is a new investment company of the SK Group, created through the spin-off of SK Telecom, which remains focused on artificial intelligence (AI) and digital infrastructure businesses, while SK Square will invest in the semiconductor and information and communication technology (ICT) sectors.
Korbit is one of only four South Korean cryptocurrency exchanges out of a total of about 30 that are fully compliant with the country’s latest cryptocurrency regulations. Subsequently, these four are the only ones allowed to operate a won to cryptocurrency service.