Look who’s back! South Korea’s Cyworld rocked the internet in the early aughts, but now the social media firm is set to return with a launch of a new digital currency!
New Ownership Got More Than Seven Million Dollars From Investors to Rebrand?
Reportedly, Cyworld is coming back totally revamped and with new ownership! The ownership now belongs to a consortium of 5 South Korean firms.
Buying Cyworld didn’t require millions of dollars, mind you. Actually, the consortium purchased the former popular firm for less than 900,000 dollars. Actually, that sum matched the sum that was owed to workers of the company at the time of the acquisition.
And what are the new plans? Well, the idea is to rebrand as “Cyworld Z” and issue an Ethereum-based token named Dotori. In Korean, Dotori means “Acorn.”
The consortium is aiming to launch the cryptocurrency into the very top of South Korea’s cryptocurrency exchanges, hoping it will land into the top 3. Bear in mind that they may have the money to do so – they did get more than seven million from investors for the newest project.
But, on the other side, an anonymous source that works at a local cryptocurrency exchange did state that their exchange had no talks with Cyworld whatsoever.
Cyworld Failed on Its First Cryptocurrency Business Project
Did you know this is not the first time Cyworld dabbled in cryptocurrencies?
The firm was acquired first by Aire in 2016, following a data leak event that accumulated about 500,000 dollars in token sales for a cryptocurrency named “Cling.”
But, the token prices bottomed out fast, and the enterprise became insolvent.
Cyworld was established in 1999 as a social media network, growing rapidly in popularity across the whole nation. It even expanded into Chinese and Vietnamese markets. The social media giant was so popular in 2005 that statistics showed that every South Korean in their 20s and a quarter of the population were users of the network!