CoinShots Logo
South Korea’s SK Square Said To Put Off Crypto Issuance
The tech investment arm of the South Korean conglomerate reportedly halted the plan to issue its own cryptocurrency, citing the macroeconomic environment and trust issues related to cryptocurrencies.
Ankita K.
7:04 24th Jun, 2022
Adoption

SK Square told local news agency Newsis that preparations for trademark applications and the establishment of subsidiaries are complete despite the delay.

The company originally planned to issue the crypto-related white paper in the first half of 2022, and the cryptocurrency in the third quarter of this year.

SK Square did not comment on when it will resume its cryptocurrency project.

In a shareholders meeting in March, SK Square said the cryptocurrency will be used to expand services and drive synergy with partly-owned crypto exchange Korbit and SK Telecom’s Ifland metaverse, which has a monthly average user base of 1.2 million.

With total assets at about US$224 billion, SK Group is currently South Korea’s second-largest conglomerate after Samsung, according to the country’s Fair Trade Commission.

Source



CoinShots Logo

Social

Get in touch:

© 2022 Coinshots (AtlasZero LLC). All rights reserved.