A former South Korean social media giant is still fulfilling its promise to restart its business with the help of the cryptocurrency industry. A local media reported that Cyworld is negotiating with “large game companies” involved in encryption-related businesses.
The company also plans to launch its mainnet to compete with Kakao
According to Yonhap News Agency, Cyworld hopes to reach an agreement with software manufacturers in the gaming industry to use Ethereum-based token Dotori (SNS) in games. A representative of the company said:
We are discussing the method of exchanging Cyworld tokens formerly known as “Acorns” with large game companies. We are expanding the ecosystem in which Cyworld tokens can be used.
However, although Cyworld pointed out that “large” companies in the gaming space are brewing, they did not disclose the names of the companies involved in the negotiations.
According to the report, if the plan goes ahead as planned, users can use Dotori to pay for the service and eventually purchase games in the company that signed with Cyworld.
On the same day, the company revealed its plan to start a mainnet competition with Kakao’s Klaytn network. After discussing with the MCI Foundation, this move will become possible.
Cyworld’s background in the crypto industry
Cyworld is currently owned by a consortium of five domestic companies, including local entertainment company SKY E&M. When the company was acquired by a company Aire in 2016, after a data breach, they raised about $500,000 in token sales for the cryptocurrency called “Cling.”
However, the token price quickly bottomed out and the business failed.
The South Korean social media network was launched in 1999. Over time, it became popular across the country.
The new management also plans to include Dotori in the “top three cryptocurrency exchanges in South Korea”, although some reports indicate that no negotiations have been conducted with the country’s top three exchanges.
What is your opinion on the latest report of Cyworld’s meeting with game companies? Let us know in the comments section below.
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