 | The Exchange will first launch its main "blue App" in the country. Once it establishes the brand and gains recognition from Korean customers, it hopes to expand its offering to full-fledged exchange services then. https://crypto.com/company-news/crypto-com-app-set-for-launch-in-south-korea… Crypto.com launching is entering the South Korean market The Korean version of the CDC App will offer only coin-to-coin transactions to over 150 cryptocurrencies, as well as access to the CDC NFT marketplace and other products (such as the Crypto.com University), but not KRW-to-crypto trades. ₩ Crypto.com has been working to enter the Korean market for almost two years now. In 2022, CDC acquired a smaller SK domestic exchange, OK-BIT, as well as a payment service provider, PnLink. This deal was historic at the time, as it was the first of its kind. No other overseas crypto business had bought a South Korean exchange before. https://kedglobal.com/cryptocurrencies/newsView/ked202208090031… It was a strategic move. During the bear market, the corporate value of smaller platforms declined, and CDC was able to purchase them at a discount. Other exchanges soon followed suit. Crypto.com has been known to look for opportunities to strengthen its position in the industry, irrespective of the market conditions. The two acquisitions marked the beginning of the CDC's effort to expand to South Korea, which has been reasonably successful. Crypto.com has its own GM in the country, Patrick Yoon, who has been negotiating with the stakeholders and regulators all this time to make sure CDC will reach its goal of launching in the Asian market. https://koreatimes.co.kr/www/biz/2024/04/602_357268.html… South Korean investors have shown significant interest in cryptocurrencies as an alternative investment asset class. Many see cryptocurrencies as a way to diversify their investment portfolios and potentially generate high returns, which is why the market is so sought after. On the flip side, SK regulators are known to be strict on crypto, which is why most players, like Binance or Huobi (which has since shut down its platform in Korea), struggled to make a foothold in this Asian market. https://theblock.co/post/270289/huobi-korea-shuts-down-platform… CDC secured a VASP license in South Korea in 2022 and has been trying to register with a bank to convert its platform to the Korean Won market. This would allow users in Korea to trade crypto for the local currency. But even Crypto.com has been facing hurdles in making this last step, with the regulators announcing at the end of 2023 that they will not approve the conversion at that time. CDC is, therefore, launching the main App in the Korean market instead under its VASP license, which will be up for renewal later this year. This strategy will allow them to remedy some of the shortcomings flagged by the regulator in relation to OK-BIT, which will cease service when the CDC app launches. Crypto.com will then attempt to apply for the KRW conversion again after building a strong team and user base around the CDC App with its own name and reputation behind the product. It will be interesting to see what the future brings for CDC South Korea and whether CDC will be the first exchange to successfully convert to the KRW market, which seems to be exceedingly difficult. [link] [comments] |
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