SK Square, a non-telecoms investment subsidiary of South Korea’s largest wireless carrier Sk Telecom, has invested 90 billion won (approximately $75 million) in the cryptocurrency exchange platform Korbit.
According to a company statement cited by Korea JoongAng Daily, SK Square is looking to increase its net asset value by holding Korbit shares. Korbit, along with Bithumb, Upbit, and Coinone, is one of South Korea’s “big four” cryptocurrency exchanges.
SK Square now owns a 35% stake in Korbit as a result of the investment. With its equity stake, SK Square is the crypto exchange’s second-largest shareholder, trailing only South Korean investment giant NXC.
SK Square’s announcement on Monday marks the company’s first foray into the cryptocurrency space since its inception in August. According to a press release obtained by South Korean news agency Newsis, SK Square and Korbit intend to promote popular crypto niches such as non-fungible tokens (NFTs) and the metaverse.
SK Square has already made inroads into the metaverse, investing 8 billion won ($6.7 million) in Onmind, a Kakao-backed 3D avatar production company. Yoon Poong-young, the company’s chief investment officer, stated that SK Square will continue to invest in emerging technologies such as blockchain and metaverse in order to strengthen its position as an investment firm.