SK Telecom unit buys stake in Korbit Bitcoin exchange for $75 million

Investment company SK Square invested 90 billion won (~$75 million) in the cryptocurrency exchange Korbit by purchasing a 35% stake. The Korea Herald reports, citing the firm.

According to the statement, SK Square and Korbit plan to jointly promote the exchange’s services and “popular cryptocurrency products.” The latter include non-fungible tokens (NFTs) and the metaverse.

SK Square is a subsidiary of South Korea’s largest mobile operator SK Telecom, part of the SK Group conglomerate. According to the publication, the firm also invested 8 billion won ($6.7 million) in Onmind, a maker of 3D avatars linked to tech giant Kakao.

Company representatives confirmed SK Square’s intention to continue investing in new technologies such as blockchain and metaverses.

Earlier in June Korbit launched an NFT platform on the Ethereum blockchain.

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