S.Korean gaming giant Netmarble to issue own cryptocurrency

South Korean game developer Netmarble announced its crypto and play-to-earn (P2E) strategies at a press conference on Thursday, including plans to issue its own cryptocurrency.

Fast facts

• Netmarble CEO Kwon Young-sik said the company is preparing to issue and list a crypto token that would act as a key currency for Netmarble games.
• Netmarble has a market capitalization of almost US$10 billion, and is among a growing list of local video game developers that are diving deeper into blockchain gaming and the metaverse.  

• Kwon added that Netmarble is aiming to relist ITAM CUBE, the cryptocurrency of blockchain game developer ITAM Games which Netmarble acquired earlier this month, as the crypto was delisted from the nation’s largest exchange Upbit earlier last year. 

• The game company aims to launch the P2E game Everybody’s Marble: Metaworld this year to the global market, while it is not serviceable in its native South Korea.

• The upcoming P2E game will not be available in South Korea as local regulations restrict the release of P2E games in the country.