Crypto.com, a global cryptocurrency exchange, unveiled plans
today (Tuesday) to introduce a specialized trading platform application
designed exclusively for the Korean market. The application, tailored to cater
to the preferences and needs of Korean users, is set to be launched on April
29, 2024, offering seamless trading between various cryptocurrencies.
With this development, Crypto.com becomes the first
international cryptocurrency exchange to venture into the Korean market,
signaling its focus on expanding its global footprint. The Chief Operating
Officer of Crypto.com, Eric Anziani, highlighted Korea’s tech-savvy populace
and its inclination towards embracing innovative technologies as key factors
driving the decision to focus on the Korean market. Moreover, he emphasized
Korea’s influence as a cultural powerhouse, indicating the exchange ‘s intention
to support Korean creators and artists through strategic partnerships.
Eric Anziani, Chief Operating Officer of Crypto.com, Source: LinkedIn
“The first product we will be launching in Korea is the
crypto.com app, which is our most popular product globally. It’s a fully mobile
product offering a convenient and safe way to buy, sell and store digital
assets, including non-fungible tokens, enabling Korean customers to access
global prices in a regulated manner,” he commented.
Patrick Yoon, the General Manager of Crypto.com’s Korean
operations, emphasized the company’s dedication to catering to the unique
demands of the Korean market. He stated that Crypto.com has been prioritizing
localization efforts for the past two and a half years, ensuring that its
services align with the preferences and regulatory requirements of Korean
users.
“Once our coin trading service is stabilized in the
Korean market, we plan to ultimately advance into the Korean won-based trading
market in the future,” Yoon added.
đź“° Just IN: https://t.co/MVDkYuc3ge plans to launch https://t.co/MVDkYuc3ge Korea exchange utilizing subsidiary OKBit’s VASP rights, valid until this year, as exclusively reported by News 1. With OKBit’s VASP authority obtained in 2021, https://t.co/MVDkYuc3ge aims to enter…
— BitcoinWorld Media (@ItsBitcoinWorld) April 1, 2024
Navigating Regulatory Landscape for Korean Market Entry
Patrick Yoon, General Manager of Crypto.com, Korea, Source: LinkedIn
One such regulatory requirement in Korea mandates
cryptocurrency exchanges to establish partnerships with commercial banks to
verify the real-name accounts of their customers. Yoon revealed ongoing
discussions with local banks to secure potential partnerships for real-name
account authentication.
Presently, there are five won-based cryptocurrency exchanges
authorized by Korean financial authorities, including UpBit, Bithumb, Coinone,
Korbit, and GOPAX. By entering the Korean market, Crypto.com aims to provide
users with an alternative trading platform while fostering healthy competition
and innovation in the local cryptocurrency ecosystem.
Crypto.com, a global cryptocurrency exchange, unveiled plans
today (Tuesday) to introduce a specialized trading platform application
designed exclusively for the Korean market. The application, tailored to cater
to the preferences and needs of Korean users, is set to be launched on April
29, 2024, offering seamless trading between various cryptocurrencies.
With this development, Crypto.com becomes the first
international cryptocurrency exchange to venture into the Korean market,
signaling its focus on expanding its global footprint. The Chief Operating
Officer of Crypto.com, Eric Anziani, highlighted Korea’s tech-savvy populace
and its inclination towards embracing innovative technologies as key factors
driving the decision to focus on the Korean market. Moreover, he emphasized
Korea’s influence as a cultural powerhouse, indicating the exchange ‘s intention
to support Korean creators and artists through strategic partnerships.
Eric Anziani, Chief Operating Officer of Crypto.com, Source: LinkedIn
“The first product we will be launching in Korea is the
crypto.com app, which is our most popular product globally. It’s a fully mobile
product offering a convenient and safe way to buy, sell and store digital
assets, including non-fungible tokens, enabling Korean customers to access
global prices in a regulated manner,” he commented.
Patrick Yoon, the General Manager of Crypto.com’s Korean
operations, emphasized the company’s dedication to catering to the unique
demands of the Korean market. He stated that Crypto.com has been prioritizing
localization efforts for the past two and a half years, ensuring that its
services align with the preferences and regulatory requirements of Korean
users.
“Once our coin trading service is stabilized in the
Korean market, we plan to ultimately advance into the Korean won-based trading
market in the future,” Yoon added.
đź“° Just IN: https://t.co/MVDkYuc3ge plans to launch https://t.co/MVDkYuc3ge Korea exchange utilizing subsidiary OKBit’s VASP rights, valid until this year, as exclusively reported by News 1. With OKBit’s VASP authority obtained in 2021, https://t.co/MVDkYuc3ge aims to enter…
— BitcoinWorld Media (@ItsBitcoinWorld) April 1, 2024
Navigating Regulatory Landscape for Korean Market Entry
Patrick Yoon, General Manager of Crypto.com, Korea, Source: LinkedIn
One such regulatory requirement in Korea mandates
cryptocurrency exchanges to establish partnerships with commercial banks to
verify the real-name accounts of their customers. Yoon revealed ongoing
discussions with local banks to secure potential partnerships for real-name
account authentication.
Presently, there are five won-based cryptocurrency exchanges
authorized by Korean financial authorities, including UpBit, Bithumb, Coinone,
Korbit, and GOPAX. By entering the Korean market, Crypto.com aims to provide
users with an alternative trading platform while fostering healthy competition
and innovation in the local cryptocurrency ecosystem.