Crypto.com buys South Korean startups to compete with local giants
Crypto.com buys South Korean startups to compete with local giants
- The stock exchange terminated its local acquisitions during the Korea Blockchain Week in Seoul an
- The acquisitions helped crypto.com to receive registration according to the South Korean law on electronic financial transactions
cryptoma markets are not exactly bullish. Nevertheless, the exchange platform Crypto.com strives to expand to South Korea after taking two local companies to get their local offers.
This was shared by the stock exchange based in Singapore on Monday with Exchange OK-bit acquired.
Both companies are owned by the Electronic Financial Transaction Act and the Virtual Asset Service Provider Registration-Certifications for Customer Safety-which means that they are now switching to Crypto.com.
crypto.com seems to see his entry in South Korea critically. In an explanation, Patrick Yoon, General Manager of Crypto.com in South Korea: "Korea is an enormously important market for Crypto.com in the further development of blockchain technology."
In the past, cryptocurrency in the country was incredibly popular, which, in combination with restrictive capital controls, often leads to higher prices for digital assets on local crypto bonds and enables lucrative arbitrage.
crypto.com says that a total of 50 million users attracted it. According to Korea Herold have about 15 million people in South Korea, but only about 6 million act.
"We undertake to work with the regulatory authorities in order to continue to launch our products and services, especially in countries such as South Korea, in which consumers have shown great interest in digital currencies," said CEO Kris Marszalek.
The announcement did not contain any information on the acquisition costs or whether the stock exchange must meet other requirements in order to be able to offer services in full. Blockworks has reported to learn more.
crypto.com will have strong competition in South Korea
crypto.com enters South Korea at a sensitive time. Strict reporting obligations that were issued last year have suffocated the competition, which led to what led to Consolidation in favor of South Korea's "large four" platforms upbit, BITHUMB, COONONE and KORBIT.
and after the turbulence on the cryptom market, the South Korean authorities reported new measures to better protect consumers. However, the implementation of the planned taxes in the country was recently late
We are pleased to tell you that we have reached another important regulatory milestone: EFTA + VASP registration in South Korea All details - crypto.com (@Cryptocom) 8. August 2022
https://t.co/vcnztabjog strives to be the industry leader in compliance with legal regulations. 
https://t.co/5d9hvqidal pic.twitter.com/kwjy7xak4r
crypto.com is the ninth largest crypto exchange in the world after daily volume and processed trades of $ 316 million in the last 24 hours, according to the normalized volume data of Coingecko Try to filter out Wash-trading.
Coingecko does not publish normalized data for South Korea's largest stock exchange upbit that reports a daily trading volume of more than $ 1.8 billion.
In any case, the South Korean game from Crypto.com comes after a fundamental approval of the Singapore regulatory authorities to offer services in the country, in addition to a preliminary approval by Dubai.
The stock exchange recently reduced 5 % of its workforce because cryptocurrency companies have reduced the costs to finish with the headwind through the market depression.
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The contribution Crypto.com buys South Korean startups to compete with local giants is not a financial advice.