Blockchain Firm ConsenSys Secures $10M from South Korea’s SK Group

Asia Blockchain Review
July 17, 2019

SK Group, South Korea’s biggest telecom and third largest conglomerate, has invested US$10 million in global blockchain company ConsenSys.

As reported by Cointelegraph, the crypto industry has seen increasing involvement from major South Korean firms such as Samsung, Hyundai and internet giant Kakao, to name a few.

Separating Blockchain and the Token Economy 

Chey Tae-won, chairman at SK Corp, has expressed interest in blockchain technology and the token economy. At a tech startup event in Seoul, the billionaire entrepreneur argued for the digitization of traditional business approaches.

The chairman further noted that blockchain and the token economy can remain separate, predicting that digital technology will “greatly contribute” to SK and startup development. Chey, whose net worth is estimated at US$3.4 billion, was previously responsible for securing funds to build South Korea’s largest urban park, the Ulsan Grand Park.

SK Telecom (SKT), the group’s telecommunications subsidiary, has been actively engaged in the blockchain industry, having collaborated in February with Germany’s Deutsche Telekom, the world’s fifth biggest telecom firm, to develop a blockchain-based mobile identification solution.

Pursuing Cryptocurrency on a National Level

South Korea as a nation is becoming increasingly involved in the crypto sector, with its second largest city, Busan, reportedly considering the launch of a local virtual token in partnership with BNK Busan Bank.

In June, Ground X, Kakao’s blockchain subsidiary, initiated the main transaction network of its decentralized app-focused platform  Klatyn, which is being utilized by major local firms, such as tech giant LG. It is hoped that the platform will further advanced the adoption of blockchain technology in Asia’s fourth largest economy.


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