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According to reports, the South Korean conglomerate’s tech investment division shelved plans to launch its cryptocurrency, blaming the macroeconomic climate and cryptocurrency-related trust concerns. Despite the delay, SK Square notified the local news organization Newsis that all preparations for filing trademark applications and creating subsidiaries were finished.

Initially, the business intended to release the cryptocurrency and a related white paper in the third quarter of this year. SK Square made no comments, regarding the resumption of its cryptocurrency initiative.

SK Telecom’s Ifland Metaverse

At a shareholders meeting in March, SK Square stated that the cryptocurrency would be used to enhance services and foster synergy with SK Telecom’s Ifland metaverse, which has an average monthly user base of 1.2 million, and the partially owned cryptocurrency exchange Korbit.

According to South Korea’s Fair Trade Commission, SK Group is the second-largest conglomerate in the nation behind Samsung, with total assets of around US$224 billion.

In March, the firm announced that SK Square was getting ready to introduce a cryptocurrency this year to connect its group of information and communications technology (ICT) enterprises through a blockchain-based virtual economy. The Ifland metaverse is run by SK Telecom, the telecommunications arm of the SK Group, and has a user base of more than 4.5 million people.

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