South Korean telecom giant SK Group invests $ 10 million in blockchain company ConsenSys

South Korean telecom giant SK Group invests $ 10 million in blockchain company ConsenSys

South Korea’s largest telecom provider, SK Group, will invest $ 10 million in blockchain company ConsenSys. This is evident from a news item from the local news platform Chosun that was published on July 2.

ConsenSys develops blockchain solutions for companies of all shapes and sizes. It does this with the help of the Ethereum blockchain and for “local communities to global enterprises,” according to the ConsenSys website.

The chairman of the SK Group, Chey Tae-Won, has often expressed interest in blockchain but also in the token economy. At a technology event, Chey said that “business approaches need to be digitized.”

One of the SK subsidiaries, SK Telecom, has been investigating blockchain for some time. For example, it recently entered into a partnership with Deutsche Telekom. Together they will develop a mobile identification solution based on blockchain.

South Korea is increasingly becoming a hotspot for blockchain companies. Large companies such as Samsung are also showing an interest in technology. The government of the country is said to be working on special regulations for blockchain and cryptocurrency, according to statements by Song Hee-kyong, co-president of the ‘4th Industry Forum of the National Assembly’. Remain Initial Coin Offerings (ICO’s) banned after much fraud was committed it. This ban has been in force since 2017.

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About Shawn Morrison 204 Articles
One of the founders of BitzArena. Active with crypto currency since the rise of the bitcoin. Loves the innovative character of crypto and blockchain technology, and follows developments in the market closely. Likes to connect technology with business, and likes to make difficult concepts accessible to a wide audience.

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