Jai Sahu
Crypto.com is making its mark in the South Korean crypto market with the launch of its trading app. An executive from the company expressed excitement, stating, “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.”
‘The First Product We Will Be Launching in Korea Is the Crypto.com App’
Cryptocurrency trading platform Crypto.com is expanding into South Korea, starting with the launch of its trading app, allowing users in the country to trade select cryptocurrencies. The app launch follows Crypto.com’s acquisition of a locally licensed crypto exchange, Ok-bit, in August 2022.
Retail customers in South Korea can now open accounts for cryptocurrency trading via the Crypto.com app and trade more than 150 cryptocurrencies, as announced. Users will also gain access to exclusive non-fungible token (NFT) projects, educational resources, and rewards offerings.
During a press conference in Seoul, Eric Anziani, president and chief operating officer at Crypto.com, stated, “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.
In compliance with South Korean regulations and to pave the way for its app launch, Crypto.com notified Ok-bit users of a 30-day wind-down period. Ok-bit will cease operations on April 29, coinciding with the debut of the Crypto.com app in South Korea.
For the time being, Crypto.com will offer only coin-to-coin trading. However, the company aims to obtain a license to offer cryptocurrency trading in Korean won, including partnering with a local bank for real-name accounts, a key regulatory requirement in South Korea. Yoon stated, “We are not likely to see a spike in transaction volume through just coin-to-coin trading.”
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.