Quro Holdings Acquires Stake in Wowpax Exchange... Full-Scale Entry into Cryptocurrency Exchange Market

(Photo by Yonhap News)

[Asia Economy Reporter Kwangho Lee] Quro Holdings Co., Ltd., part of the domestic Quro Group, announced on the 15th that it will enter the cryptocurrency exchange market in earnest by acquiring the majority shareholder stake in Wowpax Exchange Co., Ltd., a mid-sized domestic cryptocurrency exchange, to increase interest in blockchain technology and virtual asset platforms and to explore new business opportunities.

Wowpax Exchange is a domestic global virtual asset platform exchange established in November 2020 with a capital of 1.2 billion KRW. In line with the enforcement of the Specific Financial Information Act, it obtained Information Security Management System (ISMS) certification last September and has completed the submission of a virtual asset exchange report to the Financial Intelligence Unit (FIU).

As of November 2021, Wowpax has about 15,000 customers and trades a total of 25 cryptocurrencies including Bitcoin, Ethereum, Tether, and Bithao. Currently, it operates based on Tether (USDT) and Bitcoin (BTC), and plans to pursue a contract for a bank real-name verification account to provide smooth intermediary services for various coins to members based on the Korean won, and will proceed with a change report to the Financial Intelligence Unit.

Jo Jung-ki, CEO of Quro Holdings, said, "The two companies will strengthen their cooperative relationship and leverage their passion for blockchain technology to continuously develop blockchain technology and expand the latest service products such as non-fungible tokens (NFTs) and DeFi." He added, "We will lead the creation of a sound cryptocurrency ecosystem and grow into a global exchange."