A South Korean entertainment giant is planning to launch its own cryptocurrency

SM Entertainment, one of South Korea's largest entertainment companies, is planning to build a native blockchain network and cryptocurrency, according to a report by South Korea media outlet Chosun. 

Joo Sang-sik, director of SM Entertainment's CT-AI Labs, unveiled the firm's plans at the Upbit Developer Conference yesterday in Incheon, South Korea. Joo did not reveal specifics of the initiative, only noting that SM Entertainment is "currently discussing with partners who will build the blockchain business together." Sang-sik also adds that SM Entertainment intends to "utilize both the public and private concept of the blockchain." According to data from Factset, SM Entertainment has a market cap of $597 million.