The investment company SK Square reportedly spent 90 billion won (75.5 million dollars) to purchase a 35% stake in the digital asset exchange Korbit. It became the second largest shareholder of the South Korean trading platform after Nexon’s holding company, NXC, owns 48%.
SK Square Expands into The Crypto Universe
Local coverage claims that SK Square, a South Korean investment company focused on ICT (information communication technology), joined the cryptocurrency wagon because it believes its assets’ value could increase by simply holding Korbit shares.
Further, the company stated that the digital asset trading volume in Asia for the first nine months 2021 exceeded $3 billion. This is 12.6% more than the trading volume for Kospi stocks (the Korean equivalent to the S&P 500).
Korbit, one of the most prominent cryptocurrency exchanges in South Korea, made the latest investment. It hopes to improve its services and create safer conditions for people who want to trade bitcoin and other coins.
The trading venue will also introduce metaverse options through the establishment of a bridge between Ifland – a platform operated SK Telecom – and Korbit Town – an ecosystem that allows users to trade digital assets.
Yoon Poong-young, Chief Investment Officer of SK Square, stated that this is not the final crypto venture of his company:
“SK Square will continue investing in ICT areas that will lead to future innovation, like blockchain and metaverse to become an attractive investment firm.”
Oh Se-jin, Korbit’s CEO, believes that the move will “maximize customer value through improving the quality services at the exchange.” It will also link users to the NFT space through synergy with SK Square.
Korbit Survives The Purge
The Financial Intelligence Unit (FIU), South Korea’s monetary watchdog, has instructed cryptocurrency exchanges in South Korea to adhere to anti-money laundering rules. They were required by the regulator to register with them until September 24. To ensure their safety, the trading venues had to obtain a security certificate.
Only four exchanges in South Korea – Korbit and Upbit, Bithumb and Coinone – have met all requirements. Around 40 platforms had to suspend their operations because they couldn’t meet the deadline. 28 exchanges received security certificates and will continue operating without settlements.
Featured Image Courtesy Of The Korea Herald
Marla Brooks – Financial Analysis
My name is Marla Brooks, and I am the mainstream behind the”observednews.com” for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.