A South Korean entertainment giant is planning to launch its own cryptocurrency

SM Entertainment plans to launch a blockchain platform based on its own mainnet (the main network used to build its own ecosystem, not the existing platform). This is because they believed that blockchain could serve as the best tool to connect the virtual world with the real world. The goal is to create a model that allows artists and fans to win-win with each other.

Sang-Sik Ju, CEO of CTIA Labs, unveiled the plan at the UPBIT Developer Conference 2019 (UDC2019) held in Grand Hyatt Incheon on the 4th. CTIA is an organization dedicated to new technologies such as artificial intelligence and blockchain in SM Entertainment.

"We are currently discussing with partners who will build the blockchain business together," he said. "The specifics cannot be revealed here.

The main rap chief responded positively to the construction of its own cryptocurrency and mainnet on the same day, but he did not say anything specific. However, he said, "We intend to utilize both the public and private concept of the blockchain." .

SM Entertainment expects blockchain to be the bridgehead between the virtual world and the real world.