Former South Korean Social Media Giant to Relaunch Its Business by Creating a...
A social media giant that significantly impacted South Korea’s internet influence in the early 2000s is set to take a second breath. The company plans to regain its popularity by launching a new cryptocurrency. New Ownership Reportedly Got Over $7 Million From Investors to Rebrand Cyworld According to Hanguk Kyungjae, Cyworld is paving the ground to relaunch its business under new ownership. The consortium of five domestic companies includes SKY E&M, a local entertainment company. The negotiation wasn’t a million-dollar transaction. In fact, the consortium bought Cyworld from....
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A former South Korean social media giant is still keeping alive its promise to relaunch its business with the help of the cryptocurrency industry. A local media outlet reported that Cyworld is in talks with “major gaming companies” that involve crypto-related ventures. Company Also Plans to Launch Its Mainnet to Compete With Kakao According to Yonhap, Cyworld is looking to arrange deals with software makers in the gaming industry to adopt in games its Ethereum-based token Dotori (SNS). A representative from the firm said: We are discussing ways to exchange Cyworld tokens, which....
Nexon, the South Korean multi-billion-dollar gaming conglomerate, is reportedly planning to buy a 65% stake in troubled crypto exchange Bithumb in a deal worth about 500 billion won ($460 million). ● According to local media reports, Nexon is to buy all the shares owned by Bithumb chairman Lee Jung Hoon, including several others totaling up to 65% of the exchange’s outstanding shares. ● The Tokyo Stock Exchange-listed video gaming giant has since signed a memorandum of understanding (MoU) with the sellers to facilitate the transaction. The MoU was signed at the beginning....
The executive power and the ruling party in South Korea have urged the cryptocurrency industry for what officials describe as voluntary regulatory measures, a Korean media report revealed. The call was issued during a consultative meeting devoted to crypto assets. Government Asks South Korean Crypto Sector for Regulatory Proposals Representatives of the South Korean government and the ruling People Power Party met on Monday to discuss issues related to the crypto space. The consultations were held in the aftermath of last month’s collapse of the terrausd (UST) algorithmic stablecoin....
South Korean tech giant LG Electronics has officially updated its business development goals to include cryptocurrency and blockchain-based software. South Korean tech giant LG Electronics has officially added blockchain and cryptocurrency as new business areas in its corporate charter. According to a local South Korean news report, LG added two distinct crypto-related objectives during its annual general meeting on Thursday, March 24. The objectives include “the development and selling of blockchain-based software” and “the sale and brokerage of cryptocurrency,” which led to conjecture....
Banking institutions in South Korea have reportedly requested to not be held accountable for crimes linked to cryptocurrencies such as money laundering. According to local media, financial regulators are now developing rules that could relieve Korean banks from responsibility when screening the crypto exchanges they work with. New Guidelines to Appease South Korean Banks Korean Banks remain reluctant to open real-name accounts for traders on domestic cryptocurrency exchanges, the Korea Herald wrote on Sunday. The reasons hide in recently adopted regulations obliging the trading platforms....