SK joins ConsenSys fund, but details are still unclear
SK Group’s holding company SK Holdings is joining a 10 billion won ($8.5 million) fund created by Consensys, a blockchain-specialized technology company. But it has not decided how much to invest or when to start. Why SK Holdings? As the holding company for the group, SK Holdings specializes in investments. In this case, the group knows it will invest in the fund, but the details are still being determined. “It is certain that we are participating in the ConsenSys fund, but nothing in detail has been decided,” a company source said. What is ConsenSys? ConsenSys is a company that specializes in creating blockchain services and programs based on Ethereum. It is a major technology company in the blockchain industry and was founded by Joseph Lubin, co-founder of Ethereum. Why blockchain? SK Holdings CEO Chey Tae-won, the de-facto head of SK Group, is well-known for his love of technology, having participated in start-up fair called “SparkLabs Demo Day” on June 26. Chey unexpectedly spoke at podium during the event. “Blockchain and the token economy can evolve separately, and digital technology will greatly aid the growth of SK and start-ups,” Chey said. Since January this year, SK Hynix has been operating an in-house start-up incubator program named HiGarage. It has selected 6 teams and given them 200 million won each. The chipmaker is also offering a re-hiring opportunity even if the teams’ ideas fail. The program reflects Chey’s drive toward creating and fostering start-ups. Rani's note When a conglomerate leader does socially meaningful work, some criticize that he or she is merely putting together a show. But Chey has been consistently expressing his urge to foster leading start-ups. At this point, we should consider if his actions are actually coming from real devotion rather than just put on for show.