A social media giant that significantly impacted South Korea’s internet influence in the early 2000s is set to take a second breath. The company plans to regain its popularity by launching a new cryptocurrency.
New Ownership Reportedly Got Over $7 Million From Investors to Rebrand Cyworld
According to Hanguk Kyungjae, Cyworld is paving the ground to relaunch its business under new ownership. The consortium of five domestic companies includes SKY E&M, a local entertainment company.
The negotiation wasn’t a million-dollar transaction. In fact, the consortium bought Cyworld from its troubled former owner for $897,000 — the same amount owed to Cyworld’s employees at the time of the acquisition.
The consortium has now revealed its plans to rebrand the firm as “Cyworld Z,” including the issuance of an Ethereum-based token, Dotori (Acorn).
The new management expects the crypto can be listed on “one of the country’s (South Korea) top three crypto exchanges.” Moreover, Hanguk Kyungjae