One of Korea’s leading pop talent agency has announced to build its own blockchain platform with its native coin. Joo Sang-Sik, director of the company’s technology department, announced at the Upbit Developer Conference in Incheon on Wednesday.
According to a local media outlet, IT Chosun, Joo said that the company is looking to build a network that would allow fans to invest in artists’ work through cryptocurrency.
The director further said that the company aims to make use of both public and private blockchains and is currently talking to potential partners to launch the project. Joo said that the entertainment industry currently uses inefficient methods to settle payments, and blockchain technology can solve this issue.
SM Entertainment was founded in 1995 by Lee Soo, who is known as the president of culture. The entertainment company is among the biggest companies in the K-Pop world.
This announcement has come after the company went through a rough time, since November the stock price of the company has dropped by 43%. The entertainment company is listed on the Korean stock exchange and has a market capitalization of $600 million. Recently it was in the news that shareholders of the company were not happy by some of its financial and business decisions.
