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 trading between various cryptocurrencies.
Entering Korean Market as the First International Exchange
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.
"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.
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Navigating Regulatory Landscape for Korean Market Entry
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.
This article was written by Tareq Sikder at www.financemagnates.com.
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