Cryptocurrency adoption in South Korea is increasing, as SM Entertainment, easily the country’s biggest music company, has just disclosed that it plans to create its own digital currency. According to reports, SM Entertainment will be doing in collaboration with CTIA Labs, a tech firm.
CTIA Labs CEO, Sang-Sik Joo, made this known during the recently held UPBIT Developer Conference 2019 (UDC2019). Joo has said that at the moment, both firms are currently in talks with interested participants who could assist in the creation and deployment of the cryptocurrency. Joo however didn’t give any further details.
The entertainment company is interested in this endeavour because it hopes that it can create a link from the physical to the virtual world, through its blockchain platform. According to Joo:
“Blockchain from the entertainment standpoint is a decentralized entertainment entity.”
SM entertainment boasts of an annual revenue around $350 million, making it the largest in the entire South Korea. SM now plans to expand its services through blockchain technology, as a way to better distribute music and to also involve its followers, fans and supporters. The company believes that a virtual currency, through fan contribution, will help the company create better music content with improved quality. The company also believes that blockchain technology will help create better analysis of all fan activity and contribution involved, and will eventually be used to deploy a reward system for all participating fans.
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