Yeolmae Company Partners with SK Securities to Launch Art-Based Virtual Asset Business

[Asia Economy Reporter Kim Bo-kyung] Yeolmae Company, the operator of the art co-purchasing platform 'Art & Guide,' announced on the 16th that it has signed a Memorandum of Understanding (MOU) with SK Securities for the 'art-based digital securities issuance and distribution business.'

Through this business agreement, the two companies plan to mutually cooperate to develop Korean-style Security Token Offering (STO) products. STO refers to issuing virtual assets based on real assets such as real estate, artworks, and accounts receivable. Yeolmae Company is the first to embark on STO for digital asset liquidity based on artworks.

The two companies will jointly promote the establishment of an account management system within innovative financial services, as well as the development of digital new business partnership services such as the metaverse and MyData in the future.

Kim Jae-wook, CEO of Yeolmae Company, said, "Artworks are a representative asset whose investment opportunities are expanding from being exclusive to high-net-worth individuals to the general public through digital assetization," adding, "We plan to collaborate with financial institutions and others to compose various products based on expertise in the art market and investment experience."

Meanwhile, Yeolmae Company was founded in 2016 by CEO Kim Jae-wook, a former member of KPMG Samjong Accounting Corporation and the US-based private equity fund (PEF) operator EMP Belstar. In March, it completed a Series B round worth 17 billion KRW, recognizing a corporate value of over 100 billion KRW, and the cumulative investment has exceeded 27 billion KRW.

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