Only a few indeed saw it coming. The crypto ‘virus’ is spreading and fast.
When cryptocurrency came to existence, almost a decade ago, only a few had an interest. It would be right to say that nearly 99% stayed far from the blockchain technology.
But, what’s the current state?
The story has changed dramatically; what a difference ten years can make. The ”virus’ of adopting and investing in cryptocurrency is rapidly growing, and nowhere that’s happening better than South Korea.
The Richest are Investing
Everyone will want to place their money where their mouth is, and that’s not different from what the richest in South Korea are doing.
The country is now considered the hotbed for the cryptocurrency activity. The reason is simple; the number of companies and individuals alike investing in cryptocurrencies is rapidly growing with no signs of stopping.
A while ago, we already witnessed significant companies in the country, getting into the cryptocurrency industry. Some of them include internet giant Kakao, Samsung, Hyundai, and many more.
And now, another billionaire follows suit. Chey Tae-won, chairman SK Corporation, and the country’s seventh-biggest billionaire entrepreneur has now shown interest in blockchain technology and token economy.
As a result, according to a local news outlet Chosun, the interest from Chey has led to a decision for a subsidiary of SK Group to invest in a crypto fund that is created by ConsenSys.
Chey’s net worth is approximately evaluated to be around $2.6 billion as we write this post. He was formerly also responsible for securing funds for building Ulsan Grand Park, which is the largest urban park in the country.
It’s yet not clear on the amount of capital that SK will throw into ConsenSys. However, rumor has it that a total of $90 million is in the ranks.
Chey might have expressed his interest back when he attended the recent SparkLabs Demo Day 2019, and also during his reported meeting with Lubin, CEO of ConsenSys, the issued might have been the center of discussion.
The increasing number of major companies as well as the wealthiest folks dipping into cryptocurrency will only raise the confidence of the local investors to get into the business. It comes after a plethora of them were heartbroken from the bitcoin plunge to $3,150 from the all-time high of $20,000 in 2017.
Nevertheless, South Korea is rapidly growing alongside the crypto industry, with several getting into cryptocurrency every day. Busan, the country’s second-largest city, is even planning on creating a local cryptocurrency in collaboration with the BNK Busan Bank.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.