Crypto Race In South Korea Gets Intense; SK Square To Invest $1.6B In Blockchain Technology
SK Square CEO Park Jung-ho on Monday announced considering $1.6 billion investments for merger and acquisition deals in the semiconductor chips and blockchain technology sectors. The SK Square CEO, who is also Co-CEO of chipmaker SK Hynix, has revealed the investment roadmap for chips, blockchain, and digital assets over the next three years.
SK Square Unveils Investment Roadmap
The South Korean investment management company SK Square, at its general shareholder meeting on March 28, announced plans to invest $1.6 billion over the next three years. In addition, the company will consider joint investment proposals from domestic and foreign investors in the growing and ever-demanding market of chips, blockchain, and others.
For investing in the semiconductor chip business, the company plans to consider merger and acquisition deals in the U.S. and Japan semiconductor industry. SK Square is open to investing in big as well as small companies in the sector.
SK Square has already invested massively in the semiconductor industry. The company acquired SK Hynix in 2012 and is currently holding a majority stake of 20.10%. Moreover, it acquired Intel’s NAND memory and solid-state drive business for $9 billion in 2021 through its subsidiary SK Hynix.
Furthermore, SK Square is seeking investments in the burgeoning areas of blockchain and digital assets.
The company disclosed goals of launching a white paper explaining the elements and property of its digital currency before June and official launch its cryptocurrency before the third quarter.
Commenting on the investments in semiconductor chips and blockchain technology, Park Jung-ho said:
“This will mark the first year when SK Square creates new shareholder value by investing in chips and blockchain, the fields that we are familiar with and we see a high growth potential.”
SK Square Leading the Crypto Race
South Korean conglomerates including SK Square, LG, and Samsung are at the forefront in increasing their presence in the crypto, blockchain, and NFT markets. SK Square has invested actively in the industry, with strategic collaboration in crypto exchange Korbit, Kakao-backed virtual human maker Onmind, among others.
With the fresh investments, SK Square looks to further push capital into crypto and bitcoin mining, expand blockchain technology solutions, and promote its upcoming digital currency.
- Expert Predicts SOL ETF Approval This Week as Solana ETPs Break All-Time Record
- XRP On-Chain Data Flashes Buy Signal as Analysts Target $4
- U.S. To Start Funding Its Bitcoin Reserve Anytime, Says Senator Lummis as BTC Rally Extends
- Bitcoin Should Be At $148,000 To Match With Gold Rally, Says Peter Schiff
- Dogecoin Gets Major Upgrade With Cardinals Index Node Launch, Analyst Predicts 37x Rally
- Cardano Price Consolidates Below Key Resistance Ahead of ETF Verdict — Is a 50% Rally in Sight?
- Solana Price Eyes 56% Rebound Amid Solana Company’s Massive $530M SOL Acquisition
- Ethereum’s Price Bullish Cycle Resumes as Grayscale Launches Spot Staking ETPs – Is $7,331 Next?
- Pi Network Price Risky Pattern Points to Crash as 14M Coins Leave OKX
- Bitcoin Price Prediction as Exchange Reserves Hit 6-Year Low—Is $150K Within Reach?
- Dogecoin Price Rebounds 15% From Buy Zone as Whales Add 30M DOGE – Can Bulls Push Beyond $0.30?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
