SK Square suspends issuing its cryptocurrency
According to representatives of SK Square, the reasons for this decision were the instability of the macroeconomic environment and investors’ declining confidence in digital assets.
The investment company SK Square, which specializes in information and communication technologies, has postponed the planned issuance of digital currency, thereby derailing business plans for 2022. The company said in a statement about the temporary pause in the White Paper release, which was supposed to take place in the first half of the year, and the cryptocurrency issuance, previously expected in the third quarter.
SK Square announced the upcoming launch of its virtual currency during a general meeting of shareholders in March. The creation of SK Coin and the opportunity to actively invest in it were considered by company representatives as an essential element of the corporate growth strategy and successful competition in innovative spheres. But amid the failures with the launch of SK Shieldus and SK One store, the creation of the virtual currency was suspended.
We are currently adjusting the release timing due to the macro environment and reliability issues associated with virtual currency. It is explained that the plan has been postponed because the value of the virtual currency is falling due to fears of an economic recession, and the failure of Terra and Luna has caused reliability issues in the entire virtual currency market.an SK Square spokesperson commented on the situation.
The company reports that work will continue, considering market conditions and the restoration of investor confidence in digital assets. SK Square plans to choose the most favorable period for the SK Coin release, allowing customers to “feel the value of using at a given time.”