In Brief:
- SK Square M.D. Huh Seok-Joon stated that clients should be able to utilize crypto to shop, stream media, etc with the metaverse network.
- SK Square aims to issue a coin for its ifland metaverse platform.
- The firm is considering buying cryptocurrencies when regulations become lenient.
SK Square Co. Managing Director Huh Seok-Joon stated that the institution wants every portfolio firm to have a metaverse presence.
In a Bloomberg interview, Seok-Joon added that the firm’s clients should be able to utilize cryptocurrency to shop, stream media, etc with the metaverse network.
Huh stated, “Our business needs to evolve into the metaverse. Our new interface between customers will be shifting from mobile phones to metaverse and coins will be used as new currencies on our platforms.”
Such bold investments are uncommon among South Korean family-controlled corporations, known as chaebol, which have been reliant on manufacturing, pharmaceuticals, and logistics industries for decades.
SK Square announced a 90 billion won investment in Korbit, South Korea’s fourth-largest crypto exchange, during its first day of trading last week.
The firm saw Korbit as an excellent option to get into the crypto business at a low price, despite the fact that it only has a 0.3 percent market share in Korea.
Starting with one coin and extending from there, SK Square plans to list currencies on Korbit that may be used to buy items and services from SK Group firms.
According to Huh, SK will eventually issue a coin for its “ifland” metaverse platform, run by SK Telecom.
SK Square is following a SoftBank Group Corp. model as the latter recently invested in the global fashion metaverse platform Zepeto in which the platform raised $150m.
If regulatory restrictions on direct investments in crypto-assets are eased, SK Square is considering buying cryptocurrencies, including Bitcoin.
“I don’t think cryptocurrency itself is a speculative asset. We are aware of the volatility of the price move and need to be careful. But it doesn’t make sense for us to rule out crypto as an investment option,” Huh added.
South Korea is strengthening regulations on crypto operations and defining laws linked to investor protection and punishments for criminal conduct. The South Korean financial regulator Financial Services Commission (FSC) stated its intention to implement a tax system for NFTs using the Specified Financial Transaction Information Act.
