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S. Korea’s SK Square to Spend $1.6B on Semiconductors, Blockchain
The company, which acquired a 35% stake in crypto exchange Korbit in November, has been jumping into the crypto sector.
Updated May 11, 2023, 5:57 p.m. Published Mar 28, 2022, 9:59 a.m.
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SK Square, the investment arm of South Korean conglomerate SK Group, will spend 2 trillion won ($1.6 billion) in the next three years on semiconductors and blockchain, according to a report.
- “This will mark the first year when SK Square creates new shareholder value by investing in chips and blockchain, the fields that we are familiar with and we see a high growth potential,” Park Jung-ho, CEO and vice chairman of SK Square, told The Korean Herald on Monday.
- The firm plans to launch its own token before the end of the year, according to a previous report. The new digital asset will be part of a new blockchain economic system across SK Telecom’s Ifland metaverse and its affiliates‘ internet services.
- SK Square was spun off from SK Telecom in November. It has already made investments in the crypto sector. In November, it acquired a 35% stake in crypto exchange Korbit worth 90 billion won ($75 million).
- The latest news was first announced in the company's shareholder meeting on Monday.
- SK Square wasn't immediately available for further comment.
Read more: S. Korea's SK Square to Launch Crypto Token by Year-End: Report
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