SK Square, the investment arm of South Korean conglomerate SK Group, will spend some 2 trillion won ($1.6 billion) across three years on semiconductors and blockchain, according to a report.

“This will mark the first year when SK Square creates new shareholder value by investing in chips and blockchain, the fields that we are familiar with and we see a high growth potential,” Park Jung-ho, chief executive officer and vice chairman of SK Square told The Korean Herald on Monday.The firm plans to launch its own token before the year-end, according to a previous report. The new digital asset will be part of a new blockchain economic system across SK Telecom’s metaverse ‘Ifland’ and its affiliates‘ internet service.SK Square was spun off from SK Telecom in November last year. It has already made investments in the crypto space. In November 2021 SK Square acquired a 35% stake in crypto exchange Korbit worth 90 billion won ($75 million).This news was first announced in the company's shareholder meeting on Monday.SK Square was not immediately available for comment when contacted by CoinDesk.

Read more: S. Korea's SK Square to Launch Crypto Token by Year-End: Report