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Sung Hwan Choi, COO at SK Networks, and Seo Joon Kim,  CEO at Hashed Ventures

SK Networks has chosen blockchain business reinforcement as a key strategy to ensure future growth, and it is now seeking cooperation with Hashed, a specialised blockchain investment company.

The company announced that it has signed a Memorandum of Understanding (MoU) on ‘Blockchain Startup Searching & Ecosystem Development’ with Hashed Ventures, a startup investment company established by Hashed. The announcement includes a planned execution of a USD $21.7 million investment.

Hashed is a leading blockchain firm in Korea, engaged in blockchain technology investment and decentralisation projects across the global market since its foundation in 2017. It has offered investment for blockchain teams with innovative technologies and services including Kakao’s Klaytn, Line’s Link, Terra, Axie Infinity and dydx. Seo Joon Kim, the CEO of Hashed, is known as a blockchain expert with high understanding of and insight into the market.

According to this MoU, the two companies agreed to work together on incorporating blockchain technology into the existing business models of SK Rent-a-Car and SK Magic, a subsidiary of SK networks, while seeking investment opportunities in promising global blockchain startups. It has been decided that Hashed Ventures will play the role of a key cooperation partner in carrying out the blockchain business of SK Group affiliates in the future. Through this, SK networks aims to stimulate global investment in blockchain and increase the synergy between promising future areas and company business.

Won Hee Lee, Head of SK Networks Blockchain Business Division, said: “This MoU with Hashed will allow SK networks to gain an important insight into the company’s future business models in relation to blockchain. The blockchain ecosystem development will be a win-win for both companies and the blockchain business will be encouraged to drive the growth of SK networks.”

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