A social media giant that made a huge impact on South Korea’s influence on the internet in the early 2000s is about to take a second breath. The company plans to regain its popularity by introducing a new cryptocurrency.
New investors reportedly raised more than $ 7 million from investors for Rebrand Cyworld
According to Hanguk Kyungjae, Cyworld is paving the way for the resumption of business under new ownership. The consortium of five domestic companies includes SKY E&M, a local entertainment company.
The trial wasn’t a million dollar deal. In fact, the consortium bought Cyworld from its former owner for $ 897,000 – the same amount that was owed to Cyworld employees at the time of the acquisition.
The consortium has now announced its plans to rename the company “Cyworld Z”, including the issuance of an Ethereum-based token, Dotori (Acorn).
The new management assumes that the crypto can be listed on one of the three largest crypto exchanges in the country (South Korea). According to Hanguk Kyungjae, the consortium received over $ 7 million from investors for the new projects.
However, the same media broadcast quoted an unnamed employee of a local crypto switch and said that their platform never had conversations with Cyworld.
Cyworld failed in its first crypto business venture
However, this is not the first time Cyworld has been involved in a crypto business itself.
When Cyworld was acquired by a company, Aire, in 2016 following a data breach incident, token sales totaling around $ 0.5 million were made for a crypto called “Cling”.
However, token prices quickly bottomed out and the deal failed. The South Korean social media network was launched in 1999. Over the years, it became very popular across the country.
After the purchase by SK Communications, Cyworld expanded its activities into the Chinese and Vietnamese markets. In 2005, some statistics revealed that every South Korean in their twenties and 25% of the country’s population were Cyworld users.
What do you think of the resurgence of Cyworld from the launch of a token? Let us know in the comments below.
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