Cyworld, which is a social media giant in South Korea, is now relaunching its business under new ownership. The new owners will be of a consortium of five domestic companies, which also includes a local entertainment company SKY E&M. This is not just an integration as the consortium has bought Cyworld for $897,000.
Consortium to Rebrand the Firm as Cyworld Z
Along with the news of the acquisition, it is also revealed that the consortium is also planning to rebrand the name of this social media giant. According to the sources, they are planning to name it Cyworld Z instead of just Cyworld. Not only this, but it will also have the issuance of an Ethereum-based token called Dotori.
The consortium is also expecting that their crypto will also be listed on one of the top crypto exchanges in the country. Hanguk Kyungjae has mentioned that the consortium has received around $7 million from the investors. Meanwhile, an employee from a local crypto exchange has mentioned that they haven’t heard a word from Cyworld.
Not the First Time of Being Involved in Crypto Venture
This has to be noted that it is not the first time that Cyworld is getting involved in a crypto business venture. Earlier also, the firm had several partnerships with crypto firms. Back in 2016, it was acquired by a firm called Aire and during that time, it was able to raise $0.5 million in a token sale. Originally the Korean social media giant was launched in 1999, and it is one of those firms that has impacted the internet influence of the country during the early 2000s. During those years, the firm has seen huge growth and was widely popular across the country. Now the relaunch of the firm is worth the wait and people might be eager to know, what it has to offer now.