SK Square invests 98 billion won to become 2nd-largest Korbit shareholder

SK Square became the second-largest shareholder of Korbit by investing about 90 billion won in acquiring a 35 percent stake.

Korbit's largest shareholder is NXC, the holding company of local online game maker Nexon.

SK Square expects that merely holding a stake in Korbit will boost its net asset value as cryptocurrency transactions rapidly increase to top the main bourse, Kospi.

Korbit is one of South Korea's top four cryptocurrency exchanges,

With this investment, SK Square said the company and Korbit would further upgrade their services to allow more virtual asset investors to obtain more accurate and reliable investment information and trade safely.

According to SK Square chief investment officer Yoon Poong-young, they hope to become more attractive as an investment firm by investing in ICT areas that will lead to future innovation, such as blockchain and metaverse.