Less than six years! Korean conglomerate SK Square bets aggressively on meta-universe and cryptocurrencies

SK Square, the Korean venture capital firm with SK Group, has supported its entry into the cryptocurrency market with Metaverse.

SK Square announced last month that it would invest 90 billion won in Korbit, Korea's 4th largest cryptocurrency exchange, to acquire a 35% stake. Although Korbit is mainly present in the Korean market at just 0.3%, SK Square believes it is a good way to enter the low-cost cryptocurrency market. SK Square plans to announce the cryptocurrency that can be used to purchase the products and services of the Korbit-affiliated SK group.

SK Group CEO Suk-Jun Huh said, “Our business needs to adapt to this transition. new currency on our platform. "

SK Square has already been established in crowded areas. Metauniverse is known for liking Facebook's parent company, Metaplatform (FB.US), and its Korean subsidiary, Naver. And we are waiting for Kakao Co., Ltd. However, since the technology and software needed to realize Metaverse's vision are still in their infancy, it can take years for these companies to pay off their investment in Metaverse.

Such a big challenge is unusual for a South Korean family business that has relied on manufacturing for many years. SK Square, headquartered in Seoul, has left SK Telecom (SK Telecom) and adheres to SoftBank's future technology investment strategy.

Although Korea has tightened the rules on cryptocurrency activity, SK Square is still considering investing in currencies to create a viable global ecosystem. Once restrictions on direct investment in cryptocurrencies in Korea are lifted, the purchase of cryptocurrencies such as Bitcoin will also be considered.

“I don't think cryptocurrency by itself is a treasure,” Heo said. "We know the price movements and need to be careful. But we have no reason to exclude cryptocurrencies from our investment options."