Crypto.com with 80 Million Users
Officially Opens on April 29
Korea-Specific Crypto.com 'App' Launch
Eric Anziani, President and COO of Crypto.com, is speaking at a press conference on the 2nd. Photo by Crypto.com
"Korea is a cultural powerhouse. I believe that Web3, which practically combines virtual assets and content, can be a very strong growth driver for Korea."
Eric Anziani, President and Chief Operating Officer (COO) of Crypto.com, said at a press conference held on the morning of the 2nd in Yeouido, Seoul, "Korea is a 'trendsetter' country not only with 6 million users but also with technologically very mature investors."
Crypto.com, a global virtual asset exchange with 80 million users, plans to officially meet Korean customers through the Crypto.com application (app) on April 9. It has been localized to meet the needs of the Korean market. The company intends to provide fair prices without the 'Kimchi Premium' (the price difference between virtual assets traded in Korea and overseas exchanges) through its own technology.
Crypto.com had previously faced setbacks in the Korean market. After indirectly entering the Korean market by acquiring the domestic coin market exchange OK-BIT in June 2022 and attempting to convert it into a won market (trading between Korean won and coins) exchange, it failed to achieve meaningful results. Crypto.com is relaunching by acquiring 100% of OK-BIT as the major shareholder. The virtual asset service provider (VASP) license of OK-BIT expires in November this year, and the change report has been submitted to the financial authorities.
President Anziani explained, "It is practically a platform where virtual assets can be bought, sold, and stored most conveniently and safely," adding, "It includes not only virtual assets but also non-fungible tokens (NFTs), enabling Korean customers to access global assets."
He also emphasized, "Since Korea is a cultural powerhouse, Web3, which practically combines virtual assets and content, can be a growth driver. We want to support Korean creators and artists to use Web3 better on this journey and help them expand from Korea to the world."
Patrick Yoon, President of Crypto.com Korea, is speaking at a press conference on the 2nd. Photo by Crypto.com
The Korean market is attractive but the regulatory hurdles are high. For now, the task of extending the VASP license, which is set to expire in November this year, remains. The next goal is to convert into a won market exchange. Currently, among domestic exchanges authorized by financial authorities, only five exchanges operate won market trading: Upbit, Bithumb, Coinone, Korbit, and Gopax. It is not easy to enter because of the need to sign contracts with banks for real-name accounts.
Patrick Yoon, President of Crypto.com Korea, said, "We have conducted a lot of due diligence over the past year and a half," adding, "Since there are preparations needed to open accounts, we are having many discussions with commercial banks."
President Anziani added, "We have played a bridging role between various traditional currencies and virtual assets for a long time," and said, "We also have experience opening accounts in collaboration with banks in various countries such as Canada, the UK, and Singapore."
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