Singapore-based crypto trade Crypto.com is ready to launch providers in South Korea, two years after buying native crypto trade OK-BIT.
Crypto.com introduced in a blog post on Apr. 2 that it’s planning to launch the Crypto.com App in South Korea for retail customers solely on Apr. 29 in a bid to increase its person base throughout the Asian market. Moreover crypto, customers may additionally get entry to non-fungible tokens (NFTs).
The Singapore-headquartered firm is planning to begin providing providers within the Korean market through OK-BIT platform, a crypto buying and selling platform, which Crypto.com acquired in 2022. Customers of the OK-BIT platform had been notified of the cessation of providers efficient Apr. 29, following a 30-day discover interval, the announcement says.
“South Korean regulators are thoughtfully advancing the sector and we sit up for persevering with to collaborate with them to assist develop the trade responsibly.”
Eric Anziani, president and chief working officer of Crypto.com
Crypto.com’s entry into South Korea comes amid heightened competitors amongst native cryptocurrency buying and selling platforms. For instance, Korean trade Bithumb removed buying and selling charges in This fall of 2023 to spice up buying and selling volumes following the crypto winter of 2023, resulting in a surge of its market share from 12% in October 2023 to 40% by February this yr.
For Crypto.com, South Korea represents one other strategic location in its world growth plans. The corporate has been actively increasing its providers worldwide, having obtained a license for sure crypto actions in Dubai in November 2023 and securing an e-money license from the U.Okay. regulator in December of the identical yr.