Business News Report
January 23, 2024

Korea’s FSN Invests $3.7 Billion in T Scientific to Jointly Enter Web3 Business

Korea's FSN Invests $3.7 Billion in T Scientific to Jointly Enter Web3 Business

Korea-based Future Innovation Company (FSN) today announced an investment of approximately $3.74 million (5 billion Korean Won) in the 18th convertible bond issued by T Scientific, an IT total service company.

According to the announcement, this move is accompanied by the establishment of a cooperation system where both companies will collaborate to pursue blockchain business initiatives.

T Scientific, known for its range of IT services spanning mobile commerce, information protection, system integration, ITO and cloud services, will join hands with FSN to jointly promote blockchain endeavors. The collaboration builds upon previous ties, with T Scientific’s participation in FSN’s 12th CB.

“We are establishing cooperative partnerships with various companies to grow new businesses centered on tech and commerce into our main businesses, and we can create various synergies with T Scientific as a mutual investment partner beyond simple cooperation,” said Lee Sang-Seok, CEO of FSN.

“In particular, since T Scientific holds significant shares in Korea’s leading virtual asset exchanges such as Hanbitco and Bithumb, we expect it to be a great help to the Web 3.0 platform and STO business that FSN is promoting,” he added.

Working to Fortify Web3 Businesses for Future

FSN views T Scientific’s blockchain and mobile commerce-related infrastructure as an asset in expanding its new business ventures. T Scientific, being the largest shareholder of Hanbitco and the third-largest shareholder of Bithumb, holds the potential for collaboration in various fields with FSN’s Web 3.0 business in the future.

Additionally, T Scientific’s mobile commerce capabilities are expected to synergize with FSN’s next-generation commerce initiatives conducted through its subsidiary, Boosters.

The partnership aligns with FSN’s broader business strategy of converting future innovation into its main business focus. In the tech sector, FSN is actively launching platforms that bridge online and offline Web 3.0 industries, while also venturing into the Security Token Offering (STO) business.

On the commerce front, the company is rapidly improving brand aggregation business efficiency and performance through the introduction of AI advertising production services and short-form creation services.

As the companies embark on this mutual investment journey, eyes will be on how the collaboration unfolds and the impact it brings to the evolving landscape of blockchain technology and commerce.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.

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Kumar Gandharv
Kumar Gandharv

Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.

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