Spackman to launch 'K Coin' cryptocurrency; plans ICO

CATALIST-listed Spackman Entertainment Group announced early Monday morning plans to launch its own cryptocurrency called Korean entertainment utility tokens - or K Coins - through an initial coin offering (ICO).

The K Coins will grant token holders future access to products and services offered by Spackman, such as merchandise, premium content and movie-related events, the company said in a statement.

The South Korean company also said that it is partnering Spackman Media Group - an associated company - for K Coins to be used for participation in artist-based projects such as photography works, fan meetings and concerts.

The company added that the proposed ICO is still in its preliminary stages, and that it is seeking professional advice from legal practitioners to ensure it is in compliance with applicable Singapore laws.

Richard Lee, chief executive officer and Spackman's executive director, said: "Blockchain technology is an innovative approach to leverage our content and talent management platform. In collaboration with our associated company, Spackman Media Group, we are excited to explore an ICO that will give token holders unparalleled access to our artists and content."