SK Networks invests 10.8 billion KRW in blockchain solution company 'Block Odyssey'

SK Networks announced that it has invested 10.8 billion KRW in the 'Series A' round newly established by blockchain and NFT solution company 'Block Odyssey' for technology development and market expansion. Lee Won-hee, Head of Blockchain Business at SK Networks (left), is taking a commemorative photo with Yeon Chang-hak, CEO of Block Odyssey.

[Asia Economy Reporter Kiho Sung] SK Networks is joining hands with blockchain technology startup ‘Block Odyssey’ to expand its blockchain business for future growth.

On the 24th, SK Networks announced that it will invest 10.8 billion KRW in the ‘Series A’ round newly established by Block Odyssey, a blockchain and non-fungible token (NFT) solution company, for technology development and market expansion. As a strategic investor (SI), SK Networks is participating with the largest scale and plans to secure 10% of the total shares of Block Odyssey through this investment.

Block Odyssey is a blockchain-based logistics solution and NFT issuance platform company. It introduced ‘Scanners,’ a blockchain authentication solution commercializing ‘Hyperledger Sawtooth,’ the first Linux open-source based platform in Korea. Through this, it implemented technology that issues non-replicable secure QR codes and enables blockchain-based data tracking at each stage of logistics distribution. Utilizing this technology, since 2019, Block Odyssey has participated as a core developer in the three-year national distribution blockchain R&D project led by the Ministry of Trade, Industry and Energy. Additionally, through its NFT issuance service ‘Levityu,’ it enables digital ownership issuance, inquiry, and trading of highly scarce physical assets such as luxury goods and real estate. Based on this, it has numerous distribution, logistics companies, financial institutions, and luxury goods trading operators as customers. Block Odyssey plans to actively expand its business based on the investment funds secured this time.

SK Networks, which has emphasized accelerating its transition to a ‘business-type investment company’ and fostering blockchain business through this year’s regular organizational restructuring and New Year’s address, participated in this investment to discover business innovation and new growth engines. In particular, it expects to strengthen collaboration networks for activating blockchain business and create synergies across various business areas within the group, including SK Networks affiliates. The plan includes upgrading customer database systems and innovating logistics infrastructure management by integrating Block Odyssey’s technology.

Lee Won-hee, head of SK Networks’ blockchain business division, said, “This investment is significant in that we have secured a partner with blockchain technology that can be linked to the real economy in the rapidly growing global blockchain and NFT market.” He added, “We will actively promote the application of blockchain technology to existing and new businesses, seek joint business opportunities between the two companies, and strive to enhance our blockchain business capabilities and core technologies.”

This content was produced with the assistance of AI translation services.