Caliverse's Ambitious ICO Plan

Lotte Innovate's subsidiary, Caliverse, is gearing up for an initial coin offering (ICO) to create a new payment ecosystem within its metaverse platform. This move marks a significant step for the company, which officially launched in August and offers luxury shopping and virtual performances by K-pop stars.

Acquired by Lotte Innovate in 2021, Caliverse has received substantial investment, totaling 64 billion won over three years, including an additional 20 billion won in October. The platform integrates Lotte Group's distribution affiliates, offering users a unique virtual experience.

Caliverse aims to conduct its ICO next year, with legal advice from Kim & Chang. Due to Korean legal restrictions on ICOs, the company is considering jurisdictions such as the United States and Singapore for the issuance. The planned stablecoin will be pegged to the U.S. dollar, adhering to regulatory requirements for reserves.

The primary goal of the ICO is to establish a payment method within the Caliverse platform, with potential for future expansion into physical goods and services. If investor demand grows, Caliverse may issue additional coins, following successful precedents set by Korean game companies like Wemade, Com2uS Holdings, and Netmarble.

A Lotte Innovate official remains cautious, stating, "We may consider issuing coins in the future, but nothing has been confirmed yet." This approach underscores the company's commitment to meeting all legal and regulatory requirements before proceeding.