SK Telecom Spinoff Acquires $75M Stake in Crypto Exchange Korbit: Report
An investment company spun off from South Korean telecoms provider SK Telecom has acquired a 35% stake in crypto exchange Korbit worth 90 billion won ($75 million).
According to a report by Korea JoongAng Daily, SK Square became Korbit’s second-largest shareholder behind NXC, the owner of video game company Nexon.
SK Square and Korbit will explore opportunities for integration between their respective metaverse platforms, or shared virtual environments.
Korbit, one of Korea’s largest crypto exchanges, also aims to use the investment to enhance its services to make for a more secure trading environment.
The exchange launched South Korea’s first non-fungible token (NFT) marketplace in June, enabling trading of digital assets using ether.
Read more: Nearly 70 South Korean Crypto Exchanges May Have to Suspend Service: Report