Home CryptoCurrency News What Do We Know About The Crypto.com Expansion Into South Korea
CryptoCurrency News - August 9, 2022

What Do We Know About The Crypto.com Expansion Into South Korea

Crypto.com is one of the world’s fastest growing digital asset trading platform. It has recently spoken about its acquisitions in South Korea which would help in Crypto.com’s South Korea expansion plan.

The trading platform is of the belief that the collapse in the market can be reversed this year itself.

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It has now secured its access to the crypto and payment sector in South Korea, thereby, strengthening the plans of the expansion in South Korea. This happened after the company acquired two companies.

For getting the registration under the country’s Electronic Financial Transaction Act along with being a virtual-asset provider, Crypto.com has purchased South Korean payment service provider PnLink Co. and virtual asset exchange OK-BIT Co.

The statement provided the trading platform hasn’t spoken of the deal valuation or amount along with roadblocks that the exchange might have gone through while it was trying to provide a range of services in South Korea.

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Details about Crypto.com’s Global Expansion

The announcement about the expansion and the acquisitions were made at the ‘Korea Blockchain Week 2022’.

During the ‘Korea Blockchain Week’ the trading platform disclosed that it acquired the payment service provider and virtual service asset provider too.

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The virtual asset service provider license will now allow the trading platform to offer digital asset exchange and custody services.

These services that have been offered in the rapidly advancing South Korea crypto market should be in accordance with the laws concerning safety and reliability of electronic financial transactions.

Eric Anziani, CEO of Crypto.com mentioned,

We are trying to be able to bring some of our offerings to the Korean market, and also work with partners here that are at the forefront of gaming and entertainment.

South Korea has witnessed increased rate of digital asset adoption which meant that these firms would consider South Korea as the place to grow.

The collapse of the $40 billion Terraform Labs ecosystem has been a huge blow to retail investors. The confidence of retail investors has considerably remained low due to this collapse.

Evolving And Empowering South Korea’s Economy

Patrick Yoon, The General Manager of Crypto.com South Korean branch has mentioned that the expansion of the crypto trading platform,

It will not only help further evolve and empower commerce in Korea but also support the greater creation and development of our Web 3.0 ecosystem.

This latest announcement marks the end of procedure of the expansion in the year 2022.

Crypto.com has managed to get hold of the Cyprus Securities and Exchange Commission and just two weeks ago, the company received the the Dubai Virtual Assets Regulatory Authority in June

It however is important to remember, that the company did not disclose the deal amount and shed light on the full suite of services In June,

Crypto.com had reported that the Monetary Authority of Singapore has provided a preliminary authorisation to start offering services in digital payments.

Bitcoin was priced at $23,900 on the four hour chart | Source: BTCUSD on TradingView
Featured image from CNN and chart from TradingView.com


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