SK Square, the non-telecommunications investment subsidiary of South Korea’s largest wireless network operator Sk Telecom, has invested 90 billion won (approximately $75 million) in crypto exchange Korbit. the country’s growth
According to the company’s statement atofferAccording to Korea JoongAng Daily, SK Square is looking to increase its net worth by holding shares in Korbit, one of the major South Korean crypto exchanges, alongside Bithumb, Upbit and Coinone.
Following the investment, SK Square will hold a 35 percent stake in Korbit, with SK Square’s stake making it the second largest shareholder after South Korean investment giant NXC.
SK Square and Korbit also plan to jointly promote the NFT and metaverse tokens. SK Square previously invested 8 billion won ($6.7 million) in Onmind, its 3D avatar production kit. Support from Kakao
Yoon Poong-young, the company’s chief investment officersaid SK Square will continue to invest in emerging technologies such as blockchain and metaverse to improve its position as an investment firm.
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