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SK Square, the investment unit of SK Group, is investing 2 trillion won or around $1.6 billion in the blockchain and semiconductor space. It was reported that the funding will be spent over the next three years.
The move also signals SK Square’s deepening business in the cryptocurrency world. It previously purchased a 35% stake in Korbit crypto exchange firm. At any rate, the company’s latest investment in chips and blockchain tech was revealed on Monday, March 28, during the shareholders’ meeting.
According to The Korea Herald, this is the first time that SK Square has revealed its investment plan since it spun off from SK Telecom in November. Under the plan, the company will target semiconductor firms based in Japan and the United States.
Prior to the reveal of the business plan, the investment firm had already been involved in the semiconductor business, and in fact, it owns around a 20% stake in SK Hynix. But it is not the same case with blockchain technology because this is the first time that it is going deeper into this business that involves digital assets and cryptocurrency.
It was reported that SK Square is seeking a more aggressive investment in virtual assets, blockchain, and Next Platform, which was published by Stackhouse Publishing in 2015 in partnership with the UK’s top technology publication, The Register.
SK Square is also planning to launch its own digital coins and issue new cryptocurrency before the third quarter of this year. The company sees its new digital assets as an important factor for its new blockchain-based economic system across SK Telecom’s metaverse platform and the company’s other internet service affiliates.
For its push into the blockchain, SK Square said it is open to partnerships with investors in South Korea and overseas. It is looking for co-investments for various trades, including chips and crypto.
“This will mark the first year when SK Square creates new shareholder value by investing in chips and blockchain, the fields that we are familiar with and we see a high growth potential,” Korea Joongang Daily quoted Sk Square’s chief executive officer and vice-chairman, Park Jung Ho, as saying during the meeting. “Despite uncertainties in the macroeconomic conditions, there will be good opportunities for investment into high-potential companies this year.”
