Feb 5, 2021 10:29 UTC
Feb 5, 2021 at 10:30 UTC
Former South Korean Social Media giant to Relaunch Its Business by creating a fresh Ethereum-Based Token
A social media giant that significantly compact South Korea’s internet influence among the first 2000s is getting ready to need a second breath. The company plans to regain its quality by launching a fresh cryptocurrency.
New possession Reportedly Got Over $7 Million From Investors to Rebrand Cyworld
According to Hanguk Kyungjae, Cyworld is paving the lowest to relaunch its business below new possession. The pool of five domestic firms includes SKY E&M, a district amusement company.
The negotiation wasn’t a million-dollar dealing. In fact, the pool bought Cyworld from its troubled former owner for $897,000 — identical amount owed to Cyworld’s staff at the time of the acquisition.
The pool has presently discovered its plans to rebrand the firm as “Cyworld Z,” along side the difficulty of Associate in Nursing Ethereum-based token, Dotori (Acorn).
The new management expects the crypto are listed on “one of the country’s (South Korea) high three crypto exchanges.” Moreover, Hanguk Kyungjae says the pool received over $7 million from investors for the new ventures.
However, identical media outlet quoted Associate in Nursing sweetsop. Employee from a district crypto exchange, expression that their platform ne’er had talks with Cyworld.
Cyworld unsuccessful on Its first Crypto Business Venture
But this could be not the first time that Cyworld itself has been involved throughout a crypto business venture.
When Cyworld was noninheritable by a corporation, Aire, in 2016, once a data leak incident, they raised around $0.5 million in token sales for a crypto referred to as “Cling”.
However, token prices round-bottom out rapidly, and conjointly the business unsuccessful. The South Korean social media network launched in 1999. With the passing of the years, it became wildly well-liked 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 twenty fifth of the country’s population were Cyworld’s users.