South Korea’s Largest Telecom SK Group Invests $10M in ConsenSys

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South Korea’s largest telecom and the third top conglomerate SK Group has invested $10 million in major global blockchain firm ConsenSys, according to a report by local news agency Chosun on July 2. 

Worth noting is the increased involvement of major South Korean companies into crypto industry, including Samsung, internet giant Kakao, Hyundai, among others.

In the report, Chey Tae-won, chairman at SK Corporation and South Korean billionaire entrepreneur, has expressed interest in blockchain and token economy. Speaking at a tech startup event in Seoul, Chey argued that traditional business approaches “should be digitized.”

The SK chairman also pointed out that blockchain and token economy “can be separated,” adding that digital tech will “greatly contribute to SK and startup development.” Chey, whose net worth is evaluated to be at $3.4 billion, was formerly responsible for securing the funds to build Ulsan Grand Park, the largest urban park in South Korea.

SK’s telecommunications subsidiary, SK Telecom (SKT), has been actively involved in blockchain industry so far. In February 2019, SKT partnered with the world’s fifth largest telecom firm, Germany’s Deutsche Telekom, to create a blockchain-enabled mobile identification solution.

South Korea, in general, is becoming a hotbed for cryptocurrency activity. Yesterday, Busan, South Korea’s second most-populous city after Seoul, was reported to consider the launch of a local cryptocurrency in collaboration 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 used by major local companies, including tech giant LG.