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SK Square required portfolio companies to be present in metaverse

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SK Square, the investment arm of South Korean telecom giant SK Telecom, wants all portfolio companies to be present in the metaverse. Bloomberg reported this.

Furthermore, according to the managing director of SK Square, Huh Seok-joon, customers should be able to use cryptocurrencies for purchases; payment for streaming media and other transactions in the virtual community.

Thus, the company bought a 35% stake in the Korbit cryptocurrency exchange, and one of its affiliated firms plans to issue a token in the first half of 2022, he added.

“Our business should turn into a metaverse”

“Our business should turn into a metaverse. Communication between customers will shift from mobile phones to the virtual space, and coins will be used as new currencies on our platforms,” said Seok-joon.

According to the publication, SK Square is the largest shareholder of chip manufacturer SK Hynix. The company’s portfolio also includes the One Store mobile app store and the taxi aggregator Tmap Mobility.

Seok-joon noted that the company is exploring investment opportunities in foreign crypto exchanges with an eye to creating an international “coin ecosystem”. The firm will also consider buying cryptocurrencies, including Bitcoin. If local restrictions on direct investment in them are lifted, he stressed.

Awareness of the price volatility

“I don’t think cryptocurrency itself is a speculative asset. We are aware of the volatility of the price movement and should be careful. But it doesn’t make sense for us to exclude it as an investment choice,” the head of SK Square stressed.

Previously, Microsoft founder Bill Gates expressed the opinion that in the next two to three years; virtual communication between people will move to the metaverse.

Recall that earlier in October, Facebook change its name to MetaMark Zuckerberg called the metaverse “the next evolution of social connection”. From December 1, the company’s shares are trading under a new MVRS ticker.

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