The former South Korean social media giant is still making good on its promise to revive the company through the cryptocurrency sector. A local media outlet reported that Cyworld is in talks with major gaming companies involved in cryptocurrencies.
also plans to launch its mainline network to compete with Cocoa’s.
According to Yonhap, Cyworld wants to strike deals with software makers in the gaming industry to introduce its Ethereum-based Dotori token (SNS) into games. A spokeswoman for the company said:
We explain how you can trade Cyworld tokens, formerly called Acorns, for items from major gaming companies. We are expanding the ecosystem in which Cyworld tokens can be used.
However, Cyworld did not disclose the names of the companies involved in the negotiations, but did provide a list of the major gaming industry companies involved in the negotiations.
According to the report, if plans go according to plan, users could use Dotori to pay for services and eventually buy games from companies that sign an agreement with Cyworld.
On the same day, the company announced plans to launch its main network to compete with the Klatn Cocoa chain. Relocation is possible in consultation with the MCI Foundation.
Cyworld’s history in the crypto industry
Cyworld is currently owned by a consortium of five domestic companies, including local entertainment company SKY E&M. When the company was acquired by Aire in 2016 after the data breach incident, it raised about $0.5 million in token sales for a cryptocurrency called Cling.
However, the price of the chips fell quickly and the operation failed.
A South Korean social media network was established in 1999. Over the years, it has become very popular across the country.
The new management also plans to add Dotori to South Korea’s top three cryptocurrency exchanges, although negotiations with one of the country’s three largest exchanges are reportedly not yet underway.
What do you think of this latest report on Cyworld’s negotiations with video game companies? Let us know your comments in the section below.
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