Netmarble F&C buys 67% stake of Bono Technologies

Netmarble F&C acquired a 67 percent stake in blockchain wallet developer Bono Technologies for 2 billion won ($1.7 million).

The acquisition is part of its efforts to expand its blockchain businesses, the game developer said Thursday.

A blockchain wallet is a digital wallet that allows users to manage their cryptocurrencies and cash them into real money.

Bono Technologies is the developer of the CoinUs blockchain wallet service. It has 183,000 users in over 160 countries, according to the company. It’s compatible with 7,000 different cryptocurrencies.

The move by Netmarble F&C, 85 percent owned by Netmarble, is a part of Netmarble’s entry into the crypto race.

The company announced last week during an earnings call that it will start issuing its own cryptocurrency in March and release six play-to-earn (P2E) games using blockchain technology.

On Feb. 10, Netmarble F&C signed an agreement with Binance to develop gaming non-fungible tokens (NFTs).

Last November, Bono Technologies developed the BlockSafe service, which allows users to get access to their wallets with a simple verification system if they lose their passcode. If the wallet is not restored due to technical glitches, CoinUs reimburses a user’s assets up to 100 million won.

BY YOON SO-YEON [yoon.soyeon@joongang.co.kr]