SK Group, the second largest South Korean holding after Samsung, is launching its own digital currency.
Korean news agency Hankyung reported that the company SK Squere, which is part of the holding, will be responsible for the issue. The company also creates a separate blockchain service for its owners. Both projects are reportedly in their infancy, however, SK Square intends to launch the tokens within a year through an Initial Coin Offering (ICO).
The announcement makes SK Group the first among South Korean financial conglomerates with the prospect of issuing their own cryptocurrency. The parent company plans to use all subsidiaries to massively implement its token. First, the token will be created on the existing blockchain infrastructure of the telecommunications company SK Telecom, then the service will be expanded to deploy its own ecosystem.
In the future, all companies belonging to the SK Group will switch to a new digital currency. It will also be used in the SK Telecom ifland metaverse.
Earlier, SK Telecom launched a blockchain-based system for storing and managing government certifications, which allows storing digital copies of the country’s resident registration cards and health insurance documents, as well as other documents that were previously issued on paper.
Recall that in early March, South Korean blockchain experts called on the government to create a special state body to help the cryptocurrency business.
Source: Bits
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