Korean Music Giant SM Entertainment Plans to Launch Cryptocurrency

[ChainDD report] September 7 (ChainDD) IT Chosun, a local media company in South Korea, reports that the entertainment firm SM plans to release its own cryptocurrency. Joo Sang-Sik, director of SM Entertainment's CT-AI Labs, unveiled the company's plans of cryptocurrency and building a blockchain network at the Upbit Developer Conference on September 4th in Incheon, South Korea.

Joo mentioned the goal of their company is to establish a blockchain network to invest in artworks via cryptocurrency so that more fans can be involved in the entertainment ecosystem. While no technical details were revealed, Joo said SM Entertainment hopes to make use of the concept of public and private blockchain, and they have been discussing with potential partners.


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