x
Cryptocurrency trading platform Crypto.com is entering the South Korean crypto market with its app launch. “We spent significant time and resources tailoring our offering for this market and are honored to be the first and largest global cryptocurrency exchange to launch in South Korea,” said an executive of the crypto firm.
Cryptocurrency trading platform Crypto.com is expanding into South Korea, starting with the launch of its trading app that will allow users in the country to trade select cryptocurrencies. The launch followed Crypto.com’s acquisition of a locally licensed crypto exchange, Ok-bit, in August 2022.
The announcement explains that retail customers in South Korea can open an account for cryptocurrency trading via the Crypto.com app and trade more than 150 cryptocurrencies. Users will also have access to exclusive non-fungible token (NFT) projects, educational and resource materials, and rewards offerings.
Eric Anziani, president and chief operating officer at Crypto.com, explained at a press conference in Seoul: “The first product we will be launching in Korea is the Crypto.com app, which is our most popular product globally. We have been localizing and adapting it to the Korean market needs over the last 12 months.”
Patrick Yoon, general manager of Crypto.com’s South Korean unit, commented:
We spent significant time and resources tailoring our offering for this market and are honoured to be the first and largest global cryptocurrency exchange to launch in South Korea.
To comply with South Korean regulations and make way for its app launch, Crypto.com informed Ok-bit users of a 30-day wind-down period. Ok-bit will cease operations on April 29, which is when the Crypto.com app will debut in South Korea.
Crypto.com will only offer coin-to-coin trading for the time being. The company will also pursue a license to offer the trading of cryptocurrencies in Korean won such as partnering with a local bank for real-name accounts, which is a key regulatory requirement in South Korea. “We are not likely to see a spike in transaction volume through just coin-to-coin trading,” Yoon noted, adding:
Earning approval to use real-name accounts for Korean won trading is not easy, especially for a global exchange to launch operations here for the first time. But we will have to try.
