Chairman of SK Group, 3rd largest chaebol in South Korea

Founded in 1953, SK Group is our third largest company in Korea, comprising more than 120 organizations and sharing company brand and industry culture. The largest companies are in the chemical, petroleum and electrical industries, the SK group includes SK Telecom, the largest Korean service providers. In 2012, Hynix, the world's third largest semiconductor manufacturer, merged into a group to expand its business in the semiconductor industry.

Today, SK Group has confirmed its next growth target and is working towards that target. It's the metaverse.

CEO Huh Seok-jun (48) announced today (13) in an interview with foreign media outlet "Bloomberg" that SK Square, the venture capitalist of the SK group, had pulled out of its parent company last month. last and had separated. And I want to have a metaverse business in every investment.

Huh said that in the future, consumers should be able to use cryptocurrencies and metaverse communities for shopping, streaming, and other transactions. Businesses around the world are betting on Metaverse, a virtual environment that will transform web browsers and mobile applications and allow users to interact with others on the Internet.

SK Square is working fast to stop and fall behind our young and easy-going competitors. Our business will need to move to the metaverse, the new UI will need to move from mobile to the metaverse, and our platform will adopt the new platform as well. of tokens.

Heo pointed out that this area is very popular due to foreign competitors, including Chinese parent company Facebook, Meta, and Chinese competitors such as Naver and Kakao.

“Thinking of technology and technology, the market is still in its infancy. It will take years to recoup those investments and realize the Metaverse's vision. "

Applications Korbit et Token

SK Square announced on the 29th that it had invested in Korbit, the 4th largest cryptocurrency exchange in Korea, and acquired 35% stake for 90 billion won. Member.

Currently, Korbit's domestic market share is only around 0.3%, but SK Square believes entering the low-cost market right now is a good time to enter the market.

According to Statista data, the largest exchange in Korea with a joint venture is Upbit, with a 76% market share. , which corresponds to 144.100 million US dollars.

CEO Huh said, “SK Square's mission is to launch and expand tokens that can receive products and services from the SK group of companies, starting with names on the Korbit Exchange. called ifland.

Crypto is highly regulatory but not considered legitimate

SK Square's recent investment resulted in heavy surveillance of South Korean cryptocurrencies, but it also led to the closure of dozens of cryptocurrency exchanges. According to previous reports, the South Korean government has threatened to ban users from withdrawing money to wallets that have not completed the KYC (Know Your Customer) process from March of next year.

Currently, the South Korean government has only approved certain major cryptocurrency exchanges, including Korbit, and requires users to register under real names and transactions by the bank. .

Heo said, "We are considering investing in foreign cryptocurrency companies to develop the global monetary ecosystem, and we will also decide to buy cryptocurrencies such as Bitcoin directly locally." the capital restrictions on the cryptocurrency have been lifted. "

Finally, Huh notes: I don't believe the cryptocurrency itself is a speculative asset. We know the value of volatility and need to be careful, but excluding cryptocurrencies from investment options is not advisable.