South Korea brings its A-game as crypto markets go abuzz with increased investments from the region.
SK Group, South Korea’s proud owner of 95 subsidiary companies under its brand, announces its plan to invest a large sum in a crypto fund developed by ConsenSys, an Ethereum-based blockchain platform.
Chey Tae-won, a plutocrat and chairman of SK Corporation, recently expressed his interest in a blockchain-empowered economy at the SparkLabs Demo Day 2019. He comments that the integration of new technologies in the old system has been a perennial problem for a long time. By allowing blockchain and tokenized economy to progress simultaneously, the SK Group and its subsequent start-ups will benefit immensely.
South Korea – a promising market for cryptocurrency development
Traditional South Korean media companies like Chosun, have reported that SK’s decision to fund ConsenSys can be viewed as a sign that crypto investments are no more unconventional in South Korea.
However, the spike in crypto interest is not uncommon either. Over the past few years, the country has witnessed several new ventures establishing the grounds for investments in the sector.
Samsung Electronics is one such particular case which designed an exclusive crypto wallet for flagship Galaxy S10 device. Moreover, the company is also seen manufacturing chips for bitcoin mining.
SK Planet, one of the many subsidiaries of SK Group, has been known to engage in crypto-related start-ups in the country. Korbit, one of its most successful investments, went on to become the third largest crypto exchange platform in the region.
Chaebols boost confidence of investors
2018 witnessed a growing number of chaebols in South Korea, marking their presence in the crypto space. Kakao, a leading internet company, developed a massive-scale blockchain project for its B2B segment.
Although SK’s exact investment capital amount remains open to speculation, the noticeable crypto investments from prominent South Korean companies go a long way in restoring the trust in a highly volatile crypto market.