Block Chain

SK Square Earmarks $1.6b to Invest in New Tech Including Blockchain

SK Square, the most important shareholder of South Korean chipmaker SK Hynix, is reportedly earmarking the sum of two trillion received ($1.63 billion) to make investments in new applied sciences, together with chips and blockchain.


Per a Reuters report, the funding will characteristic a variety of focused partnerships with each home and overseas traders alike.

“We are considering investments in companies ranging from those that are big in scale to those that are small,” Co-CEO of SK Hynix Park Jung-ho, who can be CEO of SK Square, mentioned in its annual shareholder’s assembly.

SK Square at present controls a couple of 20.1% share of SK Hynix, an organization that has made its mark in the semiconductor house. There was not a lot element revealed concerning the proposed funding in the blockchain house. However, the Korean Herald reported that SK Square is planning to launch its personal digital token as contained in a whitepaper detailing the properties of the brand new coin. The scheduled timeline for the issuance of the whitepaper is predicted to launch in the primary half of the yr, whereas the coin will likely be formally launched by the top of the third quarter.

The report has it that the brand new undertaking will type the constructing blocks of a brand new blockchain-based financial system throughout SK Telecom’s metaverse platform and different SK Square associates’ web service.

“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,” Park Jung-ho added.

It is just not unusual to discover a associated transfer by a mainstream expertise firm diving into the blockchain world. From Samsung to Nvidia and LG Electronics, the quantity has continued to improve as these tech corporations are creating their very own pathways via NFTs, metaverse, and different associated strikes. SK Square will rank as one of many huge gamers from South Korea to be a part of the prepare.

Image supply: Shutterstock

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