- A promising startup with NFT-based blockchain authentication solution
... SK networks made the largest investment as an SI for business model innovation and new growth engine development.
- Blockchain technologies are expected to be heavily applied to logistics, distribution, asset management and more.
- “Future growth will be led by continued investment in blockchain and building partnerships.”
SK networks sets out to expand the blockchain business for future growth through joint efforts with Block Odyssey, a blockchain technology startup.
SK networks (CEO: Sang Kyu Park) announced on February 24 that it invested KRW 10.8 billion in the new Series A funding round of Block Odyssey (CEO: Changhak Yeon), a company which offers blockchain and non-fungible token (NFT) solutions, aimed at technology development and market expansion. This is the largest investment made by a strategic investor (SI) which will allow SK networks to gain 10% of Block Odyssey’s entire shares.
Block Odyssey is a company which offers blockchain-based logistics solutions and NFT issuing platform. The company launched SCANUS, a blockchain authentication solution through commercialization of Hyperledger Sawtooth based on Linux open source, which was the first of its kind in Korea. Through this, the technology of blockchain-based data tracking for each logistics/distribution phase became available by issuing unclonable QR code. Block Odyssey has made use of this technology and participated as the main developer in the 3-year R&D project since 2019 for setting up a national distribution blockchain hosted by the Ministry of Trade, Industry and Energy. The company also made it possible to issue, search or trade digital ownership for rare commodity assets such as designer goods and real estates through Revitu, a NFT issuing service. This service allowed the company to get a customer base including a number of distribution/logistics companies, financial companies and designer brand trading operators. Block Odyssey plans to expand its business in full swing taking advantage of the money raised in this funding round.
SK networks has highlighted through organizational restructuring and new year’s address this year to accelerate its transition to an operation based investment company and promote blockchain business.
Therefore, SK networks participated in this investment in an aim to achieve business innovation and develop new growth engines. Looking into the future, in particular, it is expected that the collaborative network can be reinforced to give life to the blockchain business and synergy effects can be created in various business areas within the group including SK networks subsidiaries. SK networks plans to integrate Block Odyssey’s technologies into its business to upgrade its customer database system or promote innovative logistics infrastructure management.
SK networks and Block Odyssey will run a regular consultative body to share relevant industry trends and also seek expanded collaboration and synergy by searching for new blockchain-based business opportunities. In addition, strategic partnership between the two companies will further be strengthened by establishing a joint venture (VC) after shaping a common business model.
Won Hee Lee, the head of SK networks Blockchain Business Division, said, “This investment is meaningful in that we have acquired a partner with blockchain technology which will connect us to the globally fast growing blockchain and real economy in the NFT market,” and added, “We will actively apply blockchain technology to our existing and new businesses and continue to seek business opportunities for both companies. We will also make efforts to elevate our blockchain business capacity and key technologies at the same time.”
[Image 1] SK networks announced that it invested KRW 10.8 billion in the new Series A funding round of Block Odyssey, a blockchain and NFT solution provider, aimed at technology development and market expansion. Won-hee Lee (on the left), the head of SK networks Blockchain Business Division is celebrating the signing ceremony with Chang-hak Yeon, CEO of Block Odyssey.
[Image 2] Concerned parties of SK networks and Block Odyssey are taking a picture at the signing ceremony for an investment agreement between the two companies.