South Korea’s Largest Telecommunications SK Team Invests $10M in ConsenSys

South Korea’s Largest Telecommunications SK Team Invests $10M in ConsenSys

South Korea’s largest telecommunications and the third leading empire SK Group has invested $10 million in significant international blockchain company ConsenSys, according to a record by regional information firm Chosun on July 2.

Worth keeping in mind is the increased participation of significant South Oriental companies into crypto market, consisting of Samsung, internet titan Kakao, Hyundai, among others.

In the record, Chey Tae-won, chairman at SK Corporation and also South Korean billionaire entrepreneur, has actually shared passion in blockchain as well as token economy. Speaking at a tech start-up event in Seoul, Chey suggested that typical company methods “need to be digitized.”

The SK chairman also pointed out that blockchain and token economic situation “can be separated,” adding that electronic technology will “greatly add to SK and also startup development.” Chey, whose net worth is examined to be at $3.4 billion, was previously in charge of safeguarding the funds to develop Ulsan Grand Park, the largest city park in South Korea.

SK’s telecoms subsidiary, SK Telecom (SKT), has actually been proactively involved in blockchain market thus far. In February 2019, SKT partnered with the world’s fifth biggest telecom company, Germany’s Deutsche Telekom, to develop a blockchain-enabled mobile identification remedy.

South Korea, in general, is becoming a hotbed for cryptocurrency activity. Yesterday, Busan, South Korea’s 2nd most-populous city after Seoul, was reported to think about the launch of a local cryptocurrency in cooperation with BNK Busan Bank.

On June 27, Kakao’s blockchain subsidiary Ground X launched the mainnet of its decentralized app (DApp)-focused platform Klaytn, which is made use of by significant neighborhood firms, including technology giant LG.

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