Blockchain Firm ConsenSys Receives $10M USD Investment From South Korea’s SK Group

Blockchain, Investing, News | July 4, 2019 By:

Ethereum developer studio ConsenSys has received a $10 million investment SK Group, South Korea’s largest wireless carrier and third top conglomerate.

Founded by Joseph Lubin in 2015, ConsenSys is developing a variety of applications which operate on the ethereum blockchain. The company is actively involved in numerous blockchain projects and initiatives, including real state platform Meridio, ethereum blockchain explorer, Blockapps Strato, TransActive Grid, EtherSign and Blockstack Labs, among others.

ConsenSys said the investment will be used to launch a new “opportunity fund” that will invest in a wide range of businesses across the blockchain ecosystem.

“We saw this as a great opportunity to partner with SK Holdings Co. and look forward to partnering with other like-minded LPs (limited partners) to invest in emerging web3 infrastructure, products, and platforms around the globe,” ConsenSys said.

In a report by South Korean news agency Chosun, SK Group Chairman Chey Tae-won said that they are interested in distributed ledger technology (DLT) and digital assets, adding that it is time for businesses to “digitize” their practices.

“We are wondering how to apply the technology to the traditional industry,” Chey said. “The blockchain and token economy can be separated, and this digital technology will greatly contribute to SK and startup growth.”

SK’s telecommunications subsidiary, SK Telecom (SKT), has been exploring blockchain’s potential. Earlier this year, SKT partnered with German telecommunications company Deutsche Telekom to develop a blockchain ID that will be designed to ease authentication processes.