Crypto.com to launch services for retail traders in South Korean market

Singaporean cryptocurrency platform Crypto.com is preparing to debut its offerings in South Korea, marking the second anniversary of its acquisition of local crypto exchange OK-BIT.

In a blog post on April 2, Crypto.com revealed its intentions to debut the Crypto.com App in South Korea for individual users on April 29. This move aims to broaden the platform’s user base within the Asian market, and South Korean residents will have the added benefit of accessing non-fungible tokens (NFTs) alongside cryptocurrencies.

A Singapore-based company with headquarters intends to initiate operations in South Korea’s market through OK-BIT, its recently acquired crypto trading platform. Users of OK-BIT received a notification that services would cease on Apr. 29 after a 30-day advance notice.

South Korean regulatory bodies are carefully moving the industry forward, and we’re excited to work closely with them to ensure its sustainable expansion.

Eric Anziani, president and chief operating officer of Crypto.com

Amid increased competition among local cryptocurrency trading platforms in South Korea, Crypto.com has recently entered the market. For instance, Bithumb, a Korean exchange, eliminated trading fees at the end of 2023 in an attempt to boost volumes during the crypto winter of that year. Consequently, Bithumb’s market share grew significantly from 12% in October 2023 to 40% by February this year.

Crypto.com considers South Korea as an important step in its ongoing global growth. Already, the company has made significant strides in expanding its offerings internationally. In November 2023, it acquired a license for cryptocurrency activities in Dubai. By December of the same year, it had secured an e-money license from the regulatory body in the United Kingdom.

Read More

2024-04-02 10:13