One of the biggest music companies in South Korea, SM Entertainment, plans to launch their own cryptocurrency, their goal of issuing this coin for revolt shareholders and falling share prices. To realize this project, SM Entertainment collaborated with CT-IA Labs to build the blockchain and cryptocurrency.
According to IT Chosun, director of CT-AI Labs, Joo Sang-Sik, made an announcement at the Upbit crypto exchange Developer Conference in Incheon on September 4, 2019.
Related article List of 5 Most Bitcoin Holders Countries
Related article Brave Browser will support crypto wallets for ETH and BAT
Joo said they and their partners have a goal to build a blockchain network that will facilitate K-Pop fans to get involved in the entertainment ecosystem by investing in crypto.
SM Entertainment hopes that this platform can become a bridge for the real and virtual world. Joo said:
"Blockchain from the point of view of the entertainment world is a decentralized entertainment entity."
According to joo, the entertainment business, which is still using settlement and payment systems, hopes that this problem will be handled later with the blockchain.
November last year, SM Entertainment experienced a stock decline of up to 43% due to several problems with shareholders.
Don't have Bitcoin? Buy it now at Coinbase, or get 14 USD for free here and buy a trusted hardware wallet HERE, or Get Barve
