In a strategic move aimed at fostering blockchain development in South Korea, Dispread, a Korean firm specializing in web3 and blockchain technology, has announced a partnership with Arbitrum, a second-level solution on Ethereum.
According to a press release issued on February 29th, Dispread intends to collaborate with Arbitrum to distribute research content and development guides, facilitating the establishment of a robust development ecosystem in the Korean market. The initiative aims to address existing language and cultural barriers faced by Korean developers, thereby fostering a more inclusive and collaborative environment.
The partnership also seeks to create opportunities for domestic companies looking to adopt blockchain technology, emphasizing the importance of collaboration in driving innovation and adoption within the industry.
Arbitrum, known for its extensive layer 2 solution and significant Total Locked Value (TVL) volume, stands poised to expand its presence in the Korean market. TVL, a critical metric for assessing capital invested in blockchain and decentralized finance (DeFi) protocols, has surged significantly since the beginning of the year, exceeding $14 billion, according to l2beat.
In response to the partnership announcement, the native token of Arbitrum (ARB) is currently trading at $2.00, reflecting a 4% increase over the past 24 hours and nearly a 10% rise over the month, as reported by CoinMarketCap.
South Korea’s growing influence in the cryptocurrency industry is noteworthy, with reports indicating that the South Korean won surpassed the U.S. dollar in trading volumes on cryptocurrency exchanges in December. This trend underscores the burgeoning opportunities in South Korea, particularly amidst growing regulatory pressures in the United States, as observed by industry analysts.
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