The richest in South Korea are actively investing in crypto, showing big interest

A subsidiary of SK Group, one of the largest conglomerates in South Korea that operates the nation's biggest telecommunications company SK Telecom, is set to invest in a crypto fund created by ConsenSys.

Leading corporations in South Korea have consistently invested in the crypto sector throughout the past year by establishing various ventures and funds.

Samsung Electronics integrated a crypto wallet in the form of Samsung Blockchain Wallet into its flagship Galaxy S10 device and has been manufacturing chips for bitcoin mining since 2018.

According to local reports from mainstream media outlets such as Chosun, the decision of SK to invest in the crypto fund of ConsenSys indicates a high level of interest towards crypto by Chey Tae-won, the billionaire chairman of SK Corporation.

When Lubin, the CEO of ConsenSys, visited South Korea in early May, Chey is said to have held a personal meeting with Lubin.

The exact amount of capital SK will commit to the crypto fund of ConsenSys remains unclear but local reports have cited $90 million as a potential figure.

A subsidiary of SK called SK Planet previously led several investments in crypto startups in South Korea including Korbit, which eventually evolved into the third biggest crypto exchange in the local market.

Since mid-2018, a growing number of conglomerates in South Korea have noticeably vamped up their efforts to establish their presence in the cryptocurrency sector.

"Currently the company is considering a private blockchain with a B2B approach but nothing is set in stone. In the long-term, the company could shift to a public blockchain but as of now, the company is likely to go with a public and private hybrid-type blockchain," a source told CoindeskKorea, a crypto publication operated by mainstream media outlet Hankyoreh.

Following the brutal correction of bitcoin during which the price of the dominant crypto asset plunged from nearly $20,000 to $3,150, local analysts said that it would take a long time for individual investors to recover from the abrupt crash.