Home News SK Telecom division bought a stake in Korbit exchange for $75M

SK Telecom division bought a stake in Korbit exchange for $75M

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The investment company SK Square invested 90 billion won (~$75 million) in the Korbit crypto exchange by purchasing a 35% stake. The Korea Herald reported this with reference to the company.

Moreover, the company became the second-largest shareholder of the South Korean crypto exchange.

According to the statement, SK Square and Korbit plan to jointly promote Bitcoin (BTC) exchange services and “popular cryptocurrency products”. The latter companies included non-fungible tokens (NFTs) and the metaverse.

“Korbit Town” and “ifland”

SK Square is a subsidiary of South Korea’s largest mobile operator SK Telecom, part of the SK Group conglomerate. The company also stated that it anticipates metaverse corporations to exist within each company’s metaverse platform, “ifland” and “Korbit Town”.

ifland, a virtual place created by SK Telecom, allows users to connect with one another via digital avatars.

Korbit Town is a social network where users can give each other crypto assets. SK Square stated that connecting ifland and Korbit Town would allow ifland users to effortlessly acquire and exchange crypto assets.

Investing in the field of new technologies

Furthermore, according to the publication, the firm invested 8 billion won ($6.7 million) in the manufacturer of 3D avatars Onmind, associated with tech giant Kakao. The company’s representatives confirmed SK Square’s intention to continue investing in the field of new technologies, such as blockchain and metaverses.

Recall that earlier in June, representatives of crypto exchanges discussed with the South Korean authorities options for interaction in the field of ensuring transparency of trading. Representatives of 20 crypto exchanges, including Upbit, Bithumb and Korbit, participated in negotiations with the authorities. 16 of which said they may have difficulties in meeting the requirements of the regulator.

In addition, the meeting was titled “Report Registration Consultancy”. The report noted that only Upbit, Bithumb, Korbit and Coinone met the “real name” trading requirements. These four crypto exchanges are known in South Korea as the Big Four.

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