A former South Korean social media giant is still keeping alive its promise to relaunch its business with the help of the cryptocurrency industry. A local media outlet reported that Cyworld is in talks with “major gaming companies” that involve crypto-related ventures.
Company Also Plans to Launch Its Mainnet to Compete With Kakao
According to Yonhap, Cyworld is looking to arrange deals with software makers in the gaming industry to adopt in games its Ethereum-based token Dotori (SNS). A representative from the firm said:
We are discussing ways to exchange Cyworld tokens, which were previously called ‘Acorns,’ with goods of large game companies. We are expanding the ecosystem where Cyworld tokens can be used.
However, Cyworld didn’t disclose the names of the companies involved in the talks, although it specified “large” ones in the gaming sphere are in the loop.
Per the report, if the plans go ahead as expected, users could use Dotori to pay for services and eventually purchase games in the companies that sign a deal with Cyworld.
On the same day, the firm revealed its plans to launch its mainnet to compete with Kakao’s Klaytn network. The move will be possible after discussions with the MCI Foundation.
Cyworld’s Background in the Crypto Industry
Cyworld is currently owned by a consortium of five domestic companies that includes SKY E&M, a local entertainment company. When the firm was acquired by a company, Aire, in 2016, after a data leak incident, they raised around $0.5 million in token sales for a crypto called “Cling.”
However, token prices bottomed out rapidly, and the business failed.
The South Korean social media network launched in 1999. With the passing of the years, it became wildly popular across the country.
The new management also has plans to get Dotori listed in the “South Korean top three crypto exchanges,” although some reports suggested no talks have been made yet with any of the top three exchanges in the country.
What are your thoughts on this latest report on Cyworld’s talks with gaming companies? Let us know in the comments section below.