Asia, Ethereum-based token, Social Media, Social Media Giants, South Korea, south korea cryptocurrency, Token

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 its troubled former owner for $897,000 — the same amount owed to Cyworld’s employees at the time of the acquisition.

The consortium has now revealed its plans to rebrand the firm as “Cyworld Z,†including the issuance of an Ethereum-based token, Dotori (Acorn).

The new management expects the crypto can be listed on “one of the country’s (South Korea) top three crypto exchanges.†Moreover, Hanguk Kyungjae says the consortium received over $7 million from investors for the new ventures.

However, the same media outlet quoted an unnamed employee from a local crypto exchange, saying that their platform never had talks with Cyworld.

Cyworld Failed on Its First Crypto Business Venture

But this is not the first time that Cyworld itself has been involved in a crypto business venture.

When Cyworld was acquired by a company, Aire, in 2016, after a data leak incident, they raised around $0.5 million in token sales for a crypto called “Cling.â€

However, token prices bottomed out rapidly, and the business failed. The South Korean social media network launched in 1999. With the passing of the years, it became wildly popular across the country.

After being purchased by SK Communications, Cyworld expanded its operations to the Chinese and Vietnamese markets. In 2005, some stats unveiled that every South Korean in their twenties and 25% of the country’s population were Cyworld’s users.

What do you think about the resurgence of Cyworld by launching a token? Let us know in the comments section below.

Du lịch nhật bản, hướng dẫn du lịch Nhật và đánh giá địa điểm Nhật Bản Japan travel news, japan travel guides, japan holiday destinations and japan reviews

RELATED NEWS

South Korea’s Financial Regulator Holds Closed-Door Meeting With 20 Crypto Exchanges

Regional reports disclose South Korea’s Financial Services Commission (FSC) had a closed-door meeting with roughly 20 different cryptocurrency exchanges on June 3. The report highlights that virtual asset business operators (VASPs) that attended the meeting all had ISMS (Information Security Management System) certification. South Korean Regulator Holds a Closed-Door Meeting With 20 VASPs A report […]

Xem chi tiết: South Korea’s Financial Regulator Holds Closed-Door Meeting With 20 Crypto Exchanges

Japan’s Top Financial Watchdog Sends a Warning Crypto Derivatives Exchange Bybit

The Japanese government’s Financial Services Agency (FSA) has issued a warning to the crypto derivatives exchange Bybit claiming that the trading platform is allowing residents of Japan access to the exchange. The news follows the Bank of Japan Governor Haruhiko Kuroda criticizing digital currencies for speculation. Japan’s FSA Warns Bybit Fintech Limited Japan’s top regulator […]

Xem chi tiết: Japan’s Top Financial Watchdog Sends a Warning Crypto Derivatives Exchange Bybit

South Korean Financial Supervisory Service Tasked With Crypto Market Oversight

The Financial Supervisory Service of South Korea will lead government efforts to oversee the country’s expanding cryptocurrency market. The agency has been tasked with the job after prolonged discussions over which Korean regulator should be responsible for the industry. Financial Supervisory Service Takes Responsibility for Crypto Sector in Korea It took the government months to […]

Xem chi tiết: South Korean Financial Supervisory Service Tasked With Crypto Market Oversight

Religious Ban on Cryptocurrencies Provokes Social Media Reproach in Ingushetia

A decision by a prominent religious body in Ingushetia to prohibit dealings with cryptocurrency has sparked controversy in the predominantly Muslim Russian republic. Critics have taken to social media to express their disagreements with the ban, pointing out that the treatment of bitcoin in Islamic jurisdictions is not one-sided. Islamic Cleric Explains Reasoning Behind Crypto […]

Xem chi tiết: Religious Ban on Cryptocurrencies Provokes Social Media Reproach in Ingushetia

Best Goal Scorer at Euro Soccer Championship to Get NFT Trophy From Gazprom

The player with the best goal at Europe’s international soccer championship this summer will be awarded a special prize. European football’s governing body, UEFA, and the tournament’s sponsor, Russia’s Gazprom, are behind the initiative to present the winner with an NFT trophy. UEFA, Gazprom to Award Best Goal Prize at Euro 2020 The unique prize […]

Xem chi tiết: Best Goal Scorer at Euro Soccer Championship to Get NFT Trophy From Gazprom

Religious Ban on Cryptocurrencies Provokes Social Media Reproach in Ingushetia

A decision by a prominent religious body in Ingushetia to prohibit dealings with cryptocurrency has sparked controversy in the predominantly Muslim Russian republic. Critics have taken to social media to express their disagreements with the ban, pointing out that the treatment of bitcoin in Islamic jurisdictions is not one-sided. Islamic Cleric Explains Reasoning Behind Crypto […]

Xem chi tiết: Religious Ban on Cryptocurrencies Provokes Social Media Reproach in Ingushetia

South Korea’s ‘Kimchi Premium’ Returns, BTC Prices Up 8% Higher Than Global Average

As cryptocurrency regulation heats up worldwide, South Korean officials have been increasing regulatory discussions concerning the swelling crypto economy. While digital currency markets like bitcoin have tumbled in value in recent times, global crypto market prices have increased across the board on Monday. In South Korea, crypto-assets like bitcoin are once again experiencing a ‘kimchi […]

Xem chi tiết: South Korea’s ‘Kimchi Premium’ Returns, BTC Prices Up 8% Higher Than Global Average

Bank of Korea Seeking Technology to Develop Digital Currency

South Korea’s monetary policy regulator is taking steps to create its own digital coin. Bank of Korea is now looking for a technology provider to develop a test environment for the project. The news comes after major commercial banks expressed skepticism over their cooperation with domestic cryptocurrency exchanges. Central Bank of Korea to Launch Pilot […]

Xem chi tiết: Bank of Korea Seeking Technology to Develop Digital Currency

South Korea’s ‘Kimchi Premium’ Returns, BTC Prices Up 8% Higher Than Global Average

Best Goal Scorer at Euro Soccer Championship to Get NFT Trophy From Gazprom

South Korean Governor Becomes the First Politician to Disclose Publicly His Cryptocurrency Holdings in the Country

Hollywood Sign, Amy Winehouse Photo to Be Auctioned as NFTs

Hollywood Sign, Amy Winehouse Photo to Be Auctioned as NFTs

South Korean Deputy Prime Minister Eases Anti-Crypto Rhetoric, Aims to Create More Domestic Market Opportunities

Chinese Internet Cafe Owners Deal With the Pandemic Crisis by Using Their Facilities to Mine Cryptocurrencies

South Korean Ministries ‘Do Not Want’ to Take Charge of Crypto-Related Regulation, Claims Official

Other Articles