A social media big that considerably impacted South Korea’s web affect within the early 2000s is about to take a second breath. The corporate plans to regain its recognition by launching a brand new cryptocurrency.
New Possession Reportedly Bought Over $7 Million From Traders to Rebrand Cyworld
In keeping with Hanguk Kyungjae, Cyworld is paving the bottom to relaunch its enterprise underneath new possession. The consortium of 5 home corporations contains SKY E&M, a neighborhood leisure firm.
The negotiation wasn’t a million-dollar transaction. In truth, the consortium purchased Cyworld from its troubled former proprietor for $897,000 — the identical quantity owed to Cyworld’s workers on the time of the acquisition.
The consortium has now revealed its plans to rebrand the agency as “Cyworld Z,” together with the issuance of an Ethereum-based token, Dotori (Acorn).
The brand new administration expects the crypto may be listed on “one of many nation’s (South Korea) prime three crypto exchanges.” Furthermore, Hanguk Kyungjae says the consortium obtained over $7 million from traders for the brand new ventures.
Nonetheless, the identical media outlet quoted an unnamed worker from a neighborhood crypto alternate, saying that their platform by no means had talks with Cyworld.
Cyworld Failed on Its First Crypto Enterprise Enterprise
However this isn’t the primary time that Cyworld itself has been concerned in a crypto enterprise enterprise.
When Cyworld was acquired by an organization, Aire, in 2016, after an information leak incident, they raised round $0.5 million in token gross sales for a crypto known as “Cling.”
Nonetheless, token costs bottomed out quickly, and the enterprise failed. The South Korean social media community launched in 1999. With the passing of the years, it grew to become wildly standard throughout the nation.
After being bought by SK Communications, Cyworld expanded its operations to the Chinese language and Vietnamese markets. In 2005, some stats unveiled that each South Korean of their twenties and 25% of the nation’s inhabitants have been Cyworld’s customers.
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