Spackman Entertainment Group is planning to launch a new cryptocurrency called K Coins

Charles Spackman, founder of Spackman Entertainment Group. Mr Spackman stepped down as CEO of the company on December 19, 2017 as the group said it planned to restructure its board to better prepare for a new phase of growth.

Singapore catalist-listed Spackman Entertainment Group is launching its own cryptocurrency called K Coins.

The group said in a statement on Monday (Feb 5) that it is in preliminary discussions to launch an initial coin offering (ICO) for K Coins, subject to necessary approvals from relevant parties and regulators.

Spackman, which has its headquarters in South Korea, plans to use K Coins to fund artist and content projects.

Token holders will be given access to products and services by Spackman Entertainment Group, including merchandise, movie and drama-related events and more.

The group also wants to partner with Spackman Media Group, the largest entertainment talent agency in Korea, to allow K Coins to be used towards the participation and purchase of artist-based projects, such as photography works, fan meetings, concerts and merchandise.

Spackman Entertainment Group CEO Richard Lee 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.”

In December last year, the group announced it would be restructuring its board to better prepare for a new phase of growth. The group’s founder, Charles Spackman, stepped down as CEO at the time.