Seoul-based online game developer Mgame Corp. has become the latest company to enter the cryptocurrency industry to capitalize on the explosion in awareness and exchanges of virtual currencies like Bitcoin and Ethereum in Korea despite the government’s negative stance.

At 1:00 p.m., Kosdaq-listed Mgame shares were at 4,440 won ($4) after shooting up as high as 4,535 won on the news in early trade on Wednesday.

The company held an extraordinary shareholders` meeting on Tuesday to determine its pursuit of virtual currency and other promising business opportunities such as VR equipment manufacturing and smart farm management on top of its staple game development.

The company which is already involved in cryptocurrency mining aims to set up a subsidiary early next year to develop a blockchain solution applicable to online game reward and expand its presence in related markets.

The company said it will continue game content development and operation by keeping publishing an mobile edition of its best-selling game ‘Yul Hyul Gang Ho’ outside Korea and commercializing mobile VR game services.

Founded in 1999, the company began game services on an online portal in July 2000. It went public on the Kosdaq in 2008.

By Shin Hyun-kyu and Minu Kim

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]