Bithumb Meta Forms Alliance with SK, LG, CJ Affiliates... Raises 9 Billion KRW in Investment

[Asia Economy Reporter Lee Jung-yoon] Bithumb's subsidiary Bithumb Meta announced on the 28th that it has secured investments from LG CNS, CJ OliveNetworks, and Dreamus Company, laying the foundation for building a metaverse ecosystem.

Bithumb Meta is a subsidiary solely funded by Bithumb Korea with 17 billion KRW in February. Its establishment purpose is to build a metaverse platform and develop an NFT (Non-Fungible Token) marketplace.

This investment attracted attention as major domestic conglomerate affiliates such as ▲LG CNS ▲CJ OliveNetworks ▲Dreamus Company (an SK Group affiliate) participated. Bithumb Meta secured a total investment amount of 9 billion KRW from these investors.

Bithumb Meta will build a strategic consortium with representative investors from each field to strengthen technological competitiveness and content capabilities. Additionally, to pursue new businesses more strategically, it plans to share roles with each investor.

LG CNS, participating as a tech partner, will be responsible for developing the NFT exchange platform. The platform development will apply LG CNS’s blockchain platform MonaChain. LG CNS has demonstrated high technological capability and understanding by building blockchain-based mobile driver’s licenses, Woori Bank CBDC (Central Bank Digital Currency) pilots, and Korea Minting and Security Printing Corporation’s local currency systems. It is also recognized for leading the digital transformation market based on over 30 years of IT service expertise.

CJ OliveNetworks, also participating as a tech partner, will be in charge of NFT creation solutions. Since last year, CJ OliveNetworks has been leading research on new technologies such as metaverse and NFTs, expanding application cases including issuing K-Culture NFTs using AI technology.

Dreamus Company, a subsidiary of SK Square operating the music and audio platform FLO, joined as a content partner. Dreamus Company plans to develop fandom content that can be integrated with the metaverse platform developed by Bithumb Meta and actively cooperate in the music intellectual property (IP) field.

Cho Hyun-sik, CEO of Bithumb Meta, said, "Through strategic partnerships with top companies in each sector, we have secured core technologies and content to build a global ecosystem encompassing Web 3.0, NFTs, and the metaverse." He added, "Bithumb Meta will continue collaboration with domestic and international specialized companies for the sustainable expansion of the ecosystem."