SK Square, a new subsidiary of the South Korean conglomerate, SK Group, has reportedly invested 90 billion won (about $75.6 million) into Korbit, a South-Korean based cryptocurrency exchange.
SK Square’s investment gives it a 35% stake in the crypto exchange, thus making the company the second-largest shareholder of Korbit. The largest shareholder of Korbit is NXC, a global investment firm and holding company of local online game maker Nexon.
Launched earlier this month, SK Square hopes that holding a stake in Korbit will yield a positive result by increasing its net asset value. For its part, Korbit will use the new funding to upgrade its services further, offering its virtual asset investors a safe trading environment with accurate and reliable investment information.
SK Square on the same day invested 8 billion won (about $6.72 million) in Onmind, a Kakao-affiliated 3D digital human production company, to acquire a 40 percent stake in the company.
SK Square Betting on Metaverse Success
SK Square reported that its investment in Korbit will seek to boost metaverse efforts at both companies. For instance, SK Square will integrate its Ifland project with Korbit Town to allow “Ifland users to easily buy or trade crypto assets,” listed on Korbit.
Ifand is an online virtual space where users interact with each other through digital avatars, while Korbit Town is a play-to-earn (P2E) platform that allows players to gift crypto assets to each other when playing games.
SK Square’s investment is in line with the spin-off company’s primary mission of securing investments in the semi-conductors and ICT industry, areas that the firm thinks will be “a part of life for a long time.”
Yoon Poong-young, the company’s chief investment officer, reportedly said: “SK Square will continue to invest in ICT areas that will lead future innovation, such as blockchain and metaverse, to become an attractive investment company.”
In a similar development, Coinfomania reported last month that India-based crypto exchange CoinSwitch Kuber received $260 million in investment in a Series C funding round.