South Korean Telecom Giant Invest In ConsenSys
The largest telecom company in South Korea, SK Group, was reported to have invested in major global blockchain firm ConsenSys according to a local news outlet in the country.
It was revealed that the company invested around $10 million USD to ConsenSys marking an increased involvement of major South Korean companies into crypto industry, including Saming, Kakao, Hyundai and others.
The South Korean billionaire and Chairman at SK Corporation, Chey Tae-won, has expressed interest in blockchain technology as well as the token economy stating that traditional business approaches should be digitized.
SK corporation subsidiary, SK Telecom (SKT) has been actively involved in blockchain industry which early this year partnered with the world’s fifth largest telecom firm, Deutsche Telekom, to create a blockchain-enabled mobile identification solution.
South Korea is widely considered as one of the hotbeds for cryptocurrency activity given the sheer number of blockchain projects originating from the country as well as for its generally crypto friendly regulatory environment.
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