Smilegate signs MOU to issue cryptocurrency
[THE INVESTOR] Korean game giant Smilegate has signed a memorandum of understanding with blockchain startup The loop to issue its own cryptocurrency.
“It is true that we signed a MOU with The loop to technically cooperate with each other. But we cannot confirm any details at this point,” a Smilegate spokesperson told The Investor on Feb.8.
Established in August 2015, The loop is a subsidiary of Korean fintech company Dayli Financial Group, which is well-known for being the first in Korea to successfully develop the cryptocurrency ICON.
Smilegate is reportedly planning to develop a cryptocurrency that can be used on its social gaming platform Stove, which carries content including 11 different games and users’ posts.
The new cryptocurrency will be provided to Stove users in a way similar to the block chain-based social media platform Steem.
On the Steem platform, anyone can earn Steem coins by posting, commenting and curating content. Users who receive higher view counts or recommendations can earn more coins.
Smilegate is widely known for developing CrossFire, an online first-person shooter game. The game maker reportedly posted US$324 million of operating profit in 2016.
By Song Seung-hyun (firstname.lastname@example.org)