South Korea's third-largest conglomerate, SK Group, is making a bold move into the cryptocurrency space with plans to launch its own altcoin through its investment arm, SK Square. This pioneering step positions SK Group as the first major South Korean financial conglomerate to consider issuing its own cryptocurrency. The conglomerate is also developing a blockchain service to facilitate issuance for its partners, aiming to create a comprehensive cryptocurrency ecosystem.

The altcoin, set to launch within the year through an initial coin offering (ICO), will be built on the existing blockchain infrastructure of SK Telecom, the country's largest wireless operator. The ecosystem will expand to include all SK Group companies, with the altcoin integrated into SK Telecom's metaverse platform, ifland. This move marks SK Group's second significant foray into the cryptocurrency market, following a 90 billion won investment in Korbit, one of South Korea's largest cryptocurrency exchanges.

Interest in cryptocurrencies is on the rise among South Korean companies, with approximately 10% of the population, or 5 million people, investing in cryptocurrencies in 2021. Other major companies, such as Krafton, a leading video game developer, are exploring blockchain technology and cryptocurrency integration. This trend signals a growing recognition of the potential of blockchain and cryptocurrency in various sectors of the South Korean economy.

SK Group's venture into cryptocurrency is a strategic move to create a comprehensive ecosystem, leveraging its diverse companies to promote adoption and integration. While awaiting a more favorable regulatory environment, SK Group is exploring options for foreign issuance, demonstrating its commitment to advancing its presence in the cryptocurrency and blockchain sectors.