A former South Korean social media big remains to be preserving alive its promise to relaunch its enterprise with the assistance of the cryptocurrency trade. A neighborhood media outlet reported that Cyworld is in talks with “main gaming corporations” that contain crypto-related ventures.
Firm Additionally Plans to Launch Its Mainnet to Compete With Kakao
In accordance with Yonhap, Cyworld is trying to organize offers with software program makers within the gaming trade to undertake in video games its Ethereum-based token Dotori (SNS). A consultant from the agency stated:
We’re discussing methods to change Cyworld tokens, which have been beforehand known as ‘Acorns,’ with items of enormous recreation corporations. We’re increasing the ecosystem the place Cyworld tokens can be utilized.
Nevertheless, Cyworld didn’t disclose the names of the businesses concerned within the talks, though it specified “massive” ones within the gaming sphere are within the loop.
Per the report, if the plans go forward as anticipated, customers may use Dotori to pay for companies and ultimately buy video games within the corporations that signal a take care of Cyworld.
On the identical day, the agency revealed its plans to launch its mainnet to compete with Kakao’s Klaytn community. The transfer shall be attainable after discussions with the MCI Basis.
Cyworld’s Background within the Crypto Business
Cyworld is presently owned by a consortium of 5 home corporations that features SKY E&M, a neighborhood leisure firm. When the agency was acquired by an organization, Aire, in 2016, after an information leak incident, they raised round $0.5 million in token gross sales for a crypto known as “Cling.”
Nevertheless, token costs bottomed out quickly, and the enterprise failed.
The South Korean social media community launched in 1999. With the passing of the years, it grew to become wildly well-liked throughout the nation.
The brand new administration additionally has plans to get Dotori listed within the “South Korean prime three crypto exchanges,” though some studies prompt no talks have been made but with any of the highest three exchanges within the nation.
What are your ideas on this newest report on Cyworld’s talks with gaming corporations? Tell us within the feedback part under.
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