SK Square, the investment arm of South Korean conglomerate SK Group, will spend some 2 trillion won ($1.6 billion) across three years on semiconductors and blockchain, according to a report.
- “This will mark the first year when SK Square creates new shareholder value by investing in chips and blockchain, the fields that we are familiar with and we see a high growth potential,” Park Jung-ho, chief executive officer and vice chairman of SK Square told The Korean Herald on Monday.
- The firm plans to launch its own token before the year-end, according to a previous report. The new digital asset will be part of a new blockchain economic system across SK Telecom’s metaverse ‘Ifland’ and its affiliates‘ internet service.
- SK Square was spun off from SK Telecom in November last year. It has already made investments in the crypto space. In November 2021 SK Square acquired a 35% stake in crypto exchange Korbit worth 90 billion won ($75 million).
- This news was first announced in the company’s shareholder meeting on Monday.
- SK Square was not immediately available for comment when contacted by CoinDesk.
Read more: S. Korea’s SK Square to Launch Crypto Token by Year-End: Report
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