South Korean Giant's Second Company To Spend RM 346 Million On Metaverse & Blockchain Project


 Subsidiary of South Korea’s second giant company, SK Group; SK Square announced preparations to launch a cryptocurrency later this year, creating a blockchain -based virtual economy.

The use of this technology is understood to support the business connection of communication and information technology (ICT).

In fact, SK Square is the first subsidiary among 10 conglomerate companies planning to launch crypto tokens.

To realize this mission, SK Square has set up the latest team to bring the blockchain -based economy into the metaverse space - Ifland, online commerce, and several other services.

Not only that, SK Square has allocated an investment of $ 82 million (RM346 million) for blockchain and metaverse projects.

For the record, SK Group is the second largest company in South Korea with assets worth around $ 226 billion (RM954 billion).

Last year SK Square owned 35% of Korbit shares, becoming the second largest shareholder of the local crypto exchange platform.

Meanwhile, another subsidiary of SK Group, SK Telecom has a total of over 4.5 million users and powers Ifland which was launched since July 2021.

Interestingly, SK Group committed to invest more than $ 700 million (RM2.9 billion) in Malaysia last year to support the growth of financial technology services that have the potential to contribute to the success of the digital banking ecosystem.

It is understood that SK Group will not hesitate to add more investments in Malaysia during 2022.