S. Korea’s SK Square to Spend $1.6B on Semiconductors, Blockchain

SK Square, the investment arm of South Korean conglomerate SK Group, will spend 2 trillion won ($1.6 billion) in the next three years on semiconductors and blockchain, according to a report.

• “This will mark the first year when SK Square creates new shareholder value by investing in chips and blockchain, the fields that we are familiar with and we see a high growth potential,” Park Jung-ho, CEO and vice chairman of SK Square, told The Korean Herald on Monday.
• The firm plans to launch its own token before the end of the year, according to a previous report. The new digital asset will be part of a new blockchain economic system across SK Telecom’s Ifland metaverse and its affiliates‘ internet services.
• SK Square was spun off from SK Telecom in November. It has already made investments in the crypto sector. In November, it acquired a 35% stake in crypto exchange Korbit worth 90 billion won ($75 million).
• The latest news was first announced in the company's shareholder meeting on Monday.
• SK Square wasn't immediately available for further comment.

Read more: S. Korea's SK Square to Launch Crypto Token by Year-End: Report