K-Pop Music Giant SM Entertainment Is Planning Its Own Cryptocurrency
[NEWS BLOG]: K-Pop Music Giant SM Entertainment Is Planning Its Own Cryptocurrency
SM Entertainment, one of Korea’s top-three pop talent agencies, is planning to build its own blockchain network with a native cryptocurrency as it battles a shareholder revolt and a falling stock price.
Joo Sang-sik, director of the company’s technology arm, CT-AI Labs, made the announcement at the Upbit Developer Conference in Incheon on Sept. 4, according to a report from local media outlet IT Chosun.
Joo said the company is aiming to develop a blockchain network that would allow fans to be more engaged with the entertainment ecosystem by investing in artists’ work through cryptocurrencies.
The director provided few specifics about the technology, but said the firm aims to make use of the concepts of both public and private blockchains and is currently talking to potential partners to build the network.
The entertainment business as it stands utilizes inefficient settlement and payment systems – issues that blockchain could help address, Joo said.
SM Entertainment is a force in the K-pop world, which is becoming one of Korea’s most important exports. The company was founded in 1995 by Lee Soo-man – sometimes called the President of Culture. Its acts include Girls’ Generation, EXO and Red Velvet.
SM Entertainment is listed on the Korean stock exchange and has a market capitalization of roughly $600 million. The firm undertook a management reshuffle recently, as shareholders raised concerns about its finances and some of its business decisions. Its stock price has dropped 43 percent since last November.
SM Entertainment is not the first company to have proposed the use of blockchain tech in the K-pop industry.
In late 2018, a platform called Ko-fun was launched, aimed to allow K-pop-related crypto transactions on a blockchain. The plan was to create coins for individuals acts, such as a BTS Coin.
OTHER RELATED NEWS
Why Bitcoin Price Could Restart Rally Unless It Dives Below $56.5K
Bitcoin price is correcting gains from $60,000 against the US Dollar. BTC is likely to start afresh increase as long as there is no close below $56,500 and $55,250.
- Bitcoin gained bullish momentum above $58,000, but it failed to settle above $60,000.
- The price is now trading above the $56,500 support and the 100 simple moving average (4-hours).
- There is a key bullish trend line forming with support near $56,800 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
- The pair could start afresh increase unless the bears gain strength below $56,500 in the near term. - read more.
Ethereum Builder ConsenSys Shutters India and Philippines Operations.
ConsenSys, the ethereum blockchain development company with over 30 hubs around the globe, has shut down key operations in India and the Philippines, CoinDesk has learned.
ConsenSys chief Joe Lubin informed the teams via email that they would be closed down, people familiar with the situation said.
A member of the seven-person team in India confirmed the closures of the local office and the Philippines operation but referred further questions to the main office in Brooklyn, N.Y.
"A total of 11 roles were eliminated in India and the Philippines due to a realignment of the sales and services team in - read more.
Analyst Who Called XRP’s Drop to $0.16 Is Still Expecting Upside: Here’s Why
Analyst Who Called XRP’s Retracement to $0.16 Is Bullish
On March 26th, the price of XRP suddenly shot up out of nowhere, rallying by more than 10% within a few hours’ time out of nowhere, leaving Three Arrows Capital’s CEO, Su Zhu, to remark: “XRP looks like it wants to retrace months of underperformance in a few days now.”
In the wake of this surge, trader Credible Crypto said that before a further rally, he expects the asset to retrace to ~$0.168, as it has today, before continuing to trend higher in a wave-like fashion to $0.20 and beyond.
With XRP having retraced - read more.