SK Square Delays The Launch Of Its Own Crypto Token

SK Square, the investment arm of conglomerate SK Group, on Wednesday said it would delay the issue of the crypto token due to volatility and adverse conditions in the crypto market. SK Square originally planned to release the white paper in the second quarter, and the launch of SK Coin (tentative name) in the third quarter.

Earlier in March, SK Square Vice Chairman Park Jung-ho announced plans to issue a crypto token, the first among leading conglomerates in South Korea. SK Square and SK Telecom have invested billions in blockchain and metaverse projects. SK Square set up a blockchain working group in charge of the cryptocurrency business and planned to release SK Coin.

However, the recent collapse of Terra, the subsequent fall in the prices of bitcoin and ethereum, and the lack of positive sentiment forced the company to reconsider its plans. The company plans to speed up the crypto token issuance process again as market conditions improve.

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