SK Square, the investment arm of South Korean telecom giant SK Telecom, wants all of its portfolio companies to have a presence in the metaverse. It is reported by Bloomberg…
According to SK Square Managing Director Ha Seok-joon, customers should be able to use cryptocurrencies for purchases, payments for streaming media and other transactions in the virtual community.
The company bought a 35% stake in the Korbit cryptocurrency exchange, and one of its affiliates plans to issue a token in the first half of 2022, he added.
“Our business must become a metaverse. Communication between customers will shift from mobile phones to virtual space, and coins will be used as new currencies on our platforms, ”said Seok-joon.
According to the publication, SK Square is the largest shareholder in the chip maker SK Hynix. The company’s portfolio also includes the One Store mobile applications and the Tmap Mobility taxi aggregator.
Seok-joon noted that the company is exploring investment opportunities in foreign crypto exchanges with an eye to creating an international “coin ecosystem”.
The firm will also consider buying cryptocurrencies, including bitcoin, if local restrictions on direct investment in them are lifted, he said.
“I don’t think cryptocurrency itself is a speculative asset. We are aware of the volatility of price movement and must be careful. But it makes no sense for us to exclude it as an investment choice, “- said the head of SK Square.
We will remind, the founder of Microsoft Bill Gates expressed the opinion that in the next two to three years, virtual communication between people will move to the metaverse.
Grayscale Investments predicted that the sector’s annual revenue could reach $ 1 trillion in the near future.
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