Korean Conglomerate SK Group Takes Big Step Into Crypto With Stake In Korbit

Korean Conglomerate SK Group Takes Big Step Into Crypto With Stake In Korbit

South Korean billionaire Chey Tae-won's SK Group, a chaebol best known for its semiconductors and telecoms businesses, took a big step into the hot area of crypto. SK Square, an investment company under SK Group, bought a 35% stake in Korbit, one of Korea's major cryptocurrency exchanges, for 90 billion won (about $75. 5 million). The deal makes SK Square the second-largest shareholder of Korbit after Korean billionaire Kim Jung-ju's NXC, the holding company of online game giant Nexon. "SK has been a pretty prolific corporate venture investor in new and emerging technologies, from mobility to VR," says Tim Hwang, chairman and CEO of the software, data and media company FiscalNote. "Their interest in the booming crypto market is in line with their strategy to pursue high-growth markets in their technology divisions." Korbit is already more than a crypto exchange. In May, Korbit launched an NFT trading platform, the first of its kind in Korea, according to local news reports. SK Square and its parent company probably hope to join a trend of buying up companies that are linked to a new wave of internet use led by cryptocurrency, online gaming, the metaverse or NFTs, says Sean Su, an independent